Quincy's property tax is $665 and is due on April 25. He does not pay until July 19. The county adds a penalty of 9.9% simple interest on unpaid tax. Find the penalty Quincy will pay. (Assume that there are 365 days in a year. Round to the nearest cent.)

Question

The penalty Quincy will pay is $_________

Answer 1

I = Po*r*t = 665*(0.099/365)*80