Griffs property tax s S606 44 and is due Apri 20. He does not pay until June 21.

Question

Griffs property tax s S606 44 and is due Apri 20. He does not pay until June 21. The county adds a penalty of a9% simple interest on unpaid tax. Find the penalty Griff will pay. (Assume there are (Round to the nearest cent.) 365 days in a year) Griffs penality will be (January, March, May, July, August, October, and December have 31 days. April,June, September, and November have 30 days. February usually has 28 days.) Enter your answer in the answer box and then click Check Answer Clear All Check Answe

Explanation / Answer

Rate of interest is 8.9% per annum

Principal = $606.44

Period = 62 Days

Thus Interest to be paid = P* R* T

= 606.44 * (8.9/365)* 62

= $9.16

Thus the penalty to be paid is $9.16

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