John forgot to pay his $364 income tax on time. The IRS charge a penalty of 12% for the 55 days the money was late. Find te penalty that John paid
364*0.12 = ?
The 55 days is extra information put in the question to confuse you.
To find the penalty that John paid for being late in paying his income tax, you need to calculate 12% of the $364 tax amount for the 55-day late period.
First, calculate the penalty amount for one day:
Penalty per day = 12% of $364 / 365 days
Now, calculate the penalty amount for 55 days:
Penalty for 55 days = Penalty per day × 55 days
To calculate the penalty per day:
Penalty per day = (12/100) × $364 / 365 days
= $0.12 per day
Now, calculate the penalty for 55 days:
Penalty for 55 days = $0.12 per day × 55 days
= $6.60
Therefore, John paid a penalty of $6.60 for being 55 days late in paying his income tax.