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Solve the Problem $368.00\$ 368.00 Income Tax on Time 13%13 \% For the 69 Days the Money Was Late

Question 104

Multiple Choice

Solve the problem. Assume that simple interest is being calculated in each case. Round your answer to the nearest cent if necessary.
-John forgot to pay his $368.00\$ 368.00 income tax on time. The IRS charged a penalty of 13%13 \% for the 69 days the money was late. Find the penalty that was paid. (Use a 365 day year.)


A) $377.04\$ 377.04
B) $9.04\$ 9.04
C) $1.83\$ 1.83
D) $8.91\$ 8.91

Correct Answer:

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