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Business Maths

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Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 20. She sent the payment November 12. The IRS sent her a penalty charge of 10% simple interest on the unpaid taxes of $4,600.

Calculate the penalty. (Remember that the government uses exact interest.) Refer to Days in a year table. (Do not round intermediate calculations. Round the answer to two decimal places. Omit the "$" sign in your response.)

  • Business Maths -

    Penalty $259.62 ± 0.01

    Explanation:
    Nov. 12 → 316
    Apr. 20 → – 110

    206


    $4,600 × 0.10 × 206 = $259.62
    365

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