Q10: Bruce Wayne borrowed $14 300.00 for investment purposes on May 19, on a demand note providing for a variable CLR 9 rate of interest and payment of any accrued interest on December 31. He paid $1,300.00 on June 28, $1,450 on September 25, and $4,200.00 on November 15. How much is the final payment on December 31 if the rate of interest was 11.5% on May 19; 8.21% effective August 1; and 6.35% effective November 1? Use the declining balance method and show all calculations Payment Date Payment Interest Cost Principal Po Outstanding Balance 19-May 14300 28-Jun 1300 1300 13000 25-Sep 1450 1450 11550 15-Nov 4200 4200 7350 31-Dec 7350 7350 0Interest Calculation R (rate of Dates Days Time = Days/365 interest) Interest cost First Interest Payment May 19 to June 28 40 40/365 11.50% Second Interest Payment June 29 to July 31 32 32/365 11.50% Aug 1 to Sept 25 55 55/365 8.21% Total Interest Payment Third Interest Payment Sept 26 to Oct 31 35 35/365 8.21% Nov 1 to Nov 15 14 14/365 6.35% Total Interest Payment Final Interest Payment Nov 16 to Dec 31 45 45/365 6.35% Total Final Payment Outstanding Balance on Nov 16 7350 Interest cost on the O/S balance on Nov 16 0 Total Final Payment 7350