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.
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.
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