(1 point) Quincy's property tax is $665 and is due on April 25. He does not pay until July 19. The county adds a penalty of 9.9% simple interest on unpaid tax. Find the penalty Quincy will pay. (Assume that there are 365 days in a year. Round to the nearest cent.)
The penalty Quincy will pay is __________
(January, March, May, July, August, October, and December have 31 days. April, June, September, and November have 30 days. February usually has 28 days.)
To find the penalty Quincy will pay, we need to calculate the amount of simple interest accumulated from April 25 to July 19 and then apply the penalty rate of 9.9%.
First, we need to find the number of days between April 25 and July 19.
April has 30 days
May has 31 days
June has 30 days
July has 19 days
So the total number of days is 30 + 31 + 30 + 19 = 110 days.
Next, we need to calculate the simple interest. The simple interest formula is:
Simple Interest = Principal x Rate x Time
Since Quincy's property tax is $665, the principal is $665.
The rate is 9.9% or 0.099 in decimal form.
To find the time in years, we divide the number of days by the total number of days in a year (365):
Time = 110 / 365 = 0.30137 (approximately)
Finally, we can calculate the simple interest:
Simple Interest = $665 x 0.099 x 0.30137 = $19.570 (approximately)
Now, we can calculate the penalty Quincy will pay by adding the simple interest to the original tax amount:
Penalty = $665 + $19.570 = $684.57 (approximately)
Therefore, the penalty Quincy will pay is $684.57.