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Tax Penalties

Can you help me with the following problem?

Woody's Cafe Real Estate tax of $1,110.85 was due on November 1, 2011. Due to financial problems Woody was unable to pay his cafe real estate tax bill until January 15, 2012. The penalty for late payment is 8 1/4% ordinary interest.

A. What is the penalty Woody will have to pay
B. What will Woody pay on January 15?

Solution Preview

A) This is the interest rate multiplied by the principal multiplied by ...

Solution Summary

Solution helps in computation of fines and penalties.