Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent in the payment on November 8, The IRS sent her a penalty charge of 6.00% simple interest on the unpaid taxes of $1000. Calculate the penalty. (Remember that the government uses exact interest.)(Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

Question

I have been taking 365-172=207x .0006/1000

Answer 1

P = Po*r*t = 1000*(0.06/365)*192 = 31.56
= Penalty.