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alex was late on his property tax payment to the county. he owed $6,915 and paid the tax 9 months late. the county charges a penalty of 5% simple interest. find the amount of the penalty. (round to the nearest cent as needed)

Respuesta :

We have to use the simple interest formula.

[tex]A=P(1+rt)[/tex]

Replacing the given information, we have.

[tex]\begin{gathered} A=6,915(1+0.05\cdot\frac{9}{12}) \\ A=6,915(1.0375) \\ A=7,174.31 \end{gathered}[/tex]

The final amount is $7,174.31, where the penalty is $259.31.

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