Deep's property tax is $690.65 and is due April 15. He does not pay until July 6. The county adds a penalty of 7.3% simple int

Question

2 years ago

13

Deep's property tax is $690.65 and is due April 15. He does not pay until July 6. The county adds a penalty of 7.3% simple int

erest on unpaid tax. Find the penalty Deep will pay. (Assume there are 365 days in a year.)
(Round to the nearest cent.)

Mathematics

1 answer:

bazaltina [42] · Answer 1 · 2022-09-22T06:06:04+03:00

bazaltina [42]2 years ago

3 0

$\bf \qquad \textit{Simple Interest Earned}\\\\
I = Prt\qquad 
\begin{cases}
I=\textit{interest earned}\\
P=\textit{original amount deposited}\to& \$690.65\\
r=rate\to 7.3\%\to \frac{7.3}{100}\to &0.073\\
t=years\to &\frac{15+31+30+6}{365}
\end{cases}$

the penalty he'll incurred into, since July 6 is after the deadline of April 15, is I = Prt

now "t" is in years, how many days after April 15 to July 6? well, 15 + 31 + 30 +6, to convert to years, divide by 365