Question

Deep's property tax is ​$690.65 and is due April 15. He does not pay until July 6. The county adds a penalty of 7.3​% simple interest on unpaid tax. Find the penalty Deep will pay. ​ (Assume there are 365 days in a​ year.)

​(Round to the nearest ​cent.)

Answer 1

`\bf \qquad \textit{Simple Interest Earned}\\\\ I = Prt\qquad \begin{cases} I=\textit{interest earned}\\ P=\textit{original amount deposited}\to& \$690.65\\ r=rate\to 7.3\%\to (7.3)/(100)\to &0.073\\ t=years\to &(15+31+30+6)/(365) \end{cases}`

the penalty he'll incurred into, since July 6 is after the deadline of April 15, is I = Prt

now "t" is in years, how many days after April 15 to July 6? well, 15 + 31 + 30 +6, to convert to years, divide by 365