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31 July, 17:51

Jennifer Jolie, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the payment

November 8. The IRS sent her a penalty char ge of 8% simple interest on the unpaid taxes of $4,100. Calculate the

penalty. (Remember that the government uses exact interest.)

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  1. 31 July, 18:13
    0
    There are 207 days from 4/15 to 11/8, so interest will be

    ... I = P*r*t

    ... I = $4100*0.08 * (207/365) = $186.02
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