Question
A company is late in paying the city $10 comma 700 in property taxes. It will be assessed 18% interest for late property tax payment. Find the total amount it needs to pay off both the taxes and the interest charge.
Answers
Answered by
GPT 3.5
To find the total amount the company needs to pay off both the taxes and the interest charge, we first need to calculate the interest charge.
Interest = Principal x Rate x Time
Interest = $10,700 x 0.18
Interest = $1,926
Total amount to pay = Principal + Interest
Total amount to pay = $10,700 + $1,926
Total amount to pay = $12,626
Therefore, the company needs to pay a total amount of $12,626 to settle both the taxes and the interest charge.
Interest = Principal x Rate x Time
Interest = $10,700 x 0.18
Interest = $1,926
Total amount to pay = Principal + Interest
Total amount to pay = $10,700 + $1,926
Total amount to pay = $12,626
Therefore, the company needs to pay a total amount of $12,626 to settle both the taxes and the interest charge.
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