Solved

Round All Answers to the Nearest Cent

Question 19

Essay

Round all answers to the nearest cent. Woody's Café's real estate tax of $1,110.85 was due on November 1, 2014. Due to financial problems, Woody was unable to pay his café's real estate tax bill until January 15, 2015. The penalty for late payment is 8 1/4% ordinary interest. (A) What is the penalty Woody will have to pay and (B) what will Woody pay on January 15?
A. $19.09
B. $1,129.94

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q11: Ordinary interest is never used by banks.

Q15: Matty Kaminsky owns a new Volvo. His

Q22: Banks and other financial institutions sometimes calculate

Q24: Simple interest loans are usually more than

Q32: With interest of $1,832.00 and a principal

Q62: The time of a loan could be

Q70: Which of the following is not true

Q84: The U.S. Rule:<br>A)Is used only by banks<br>B)Is

Q85: At maturity, using the U.S. Rule, the

Q94: A $40,000 loan at 4% dated June