BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

Solutions

Chapter
Section
BuyFindarrow_forward

Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

Emil Benson missed an income tax payment of $9,000. The Internal Revenue Service charges a 13 % simple interest penalty calculated by the exact interest method. If the tax was due on April 15 but was paid on August 19. what was the amount of the penalty charge?

To determine

To Calculate: The amount of penalty charge paid by Emil on August 19 if he missed an income tax payment of $9,000 which is due on April 15.

Explanation

Given Information:

He missed an income tax payment of $9,000 which is due on April 15.

The penalty by internal revenue service is 13% simple interest.

Formula used:

Steps for determining the number of days of a loan,

Step 1: Find the number of days that will remain in the first month.

Step 2: Find the number of days for each succeeding whole months.

Step 3: Now, find the number of days in the loan month.

Step 4: Add all the days obtained in the above steps.

The simplest interest formula for principal amount P, Rate R and Time T is,

Interest=P×R×T

Calculation:

As the due date is on April 15 and Emil paid the premium on August 19. Therefore, the number of days for which he must pay the penalty is calculated as below,

Step 1:

The remaining days in the first month;

Days remaining in April=Days in AprilLoan date April 15=30 days15 days=15 days

Step 2:

The number of days for each succeeding whole months are,

Days in May=31Days in June=30Days in July=31  Total  days=92¯

<

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Chapter 10 Solutions

Show all chapter solutions add
Sect-10.I P-5RESect-10.I P-6RESect-10.I P-7RESect-10.I P-8RESect-10.I P-9RESect-10.I P-10RESect-10.I P-11RESect-10.I P-12RESect-10.I P-13RESect-10.I P-14RESect-10.I P-15RESect-10.I P-16RESect-10.I P-17RESect-10.I P-18RESect-10.I P-19RESect-10.I P-20RESect-10.I P-21RESect-10.I P-22RESect-10.I P-23RESect-10.I P-24RESect-10.I P-25RESect-10.I P-26RESect-10.I P-27RESect-10.I P-28RESect-10.I P-29RESect-10.I P-30RESect-10.I P-31RESect-10.I P-32RESect-10.I P-33RESect-10.I P-34RESect-10.I P-35RESect-10.I P-36RESect-10.I P-37RESect-10.I P-38RESect-10.I P-39RESect-10.I P-40RESect-10.I P-41RESect-10.I P-42RESect-10.I P-43RESect-10.I P-44RESect-10.I P-45RESect-10.I P-46RESect-10.I P-47RESect-10.II P-7TIESect-10.II P-8TIESect-10.II P-9TIESect-10.II P-10TIESect-10.II P-1RESect-10.II P-2RESect-10.II P-3RESect-10.II P-4RESect-10.II P-5RESect-10.II P-6RESect-10.II P-7RESect-10.II P-8RESect-10.II P-9RESect-10.II P-10RESect-10.II P-11RESect-10.II P-12RESect-10.II P-13RESect-10.II P-14RESect-10.II P-15RESect-10.II P-16RESect-10.II P-17RESect-10.II P-18RESect-10.II P-19RESect-10.II P-20RESect-10.II P-21RESect-10.II P-22RESect-10.II P-23RESect-10.II P-24RESect-10.II P-25RESect-10.II P-26RESect-10.II P-27RESect-10.II P-28RESect-10.II P-29RESect-10.II P-30RESect-10.II P-31RESect-10.II P-32RESect-10.II P-33RESect-10.II P-34RESect-10.II P-35RESect-10.II P-36RESect-10.II P-37RESect-10.III P-11TIESect-10.III P-12TIESect-10.III P-13TIESect-10.III P-14TIESect-10.III P-1RESect-10.III P-2RESect-10.III P-3RESect-10.III P-4RESect-10.III P-5RESect-10.III P-6RESect-10.III P-7RESect-10.III P-8RESect-10.III P-9RESect-10.III P-10RESect-10.III P-11RESect-10.III P-12RESect-10.III P-13RESect-10.III P-14RESect-10.III P-15RESect-10.III P-16RESect-10.III P-17RESect-10.III P-18RESect-10.III P-19RESect-10.III P-20RESect-10.III P-21RESect-10.III P-22RESect-10.III P-23RESect-10.III P-24RESect-10.III P-25RESect-10.III P-26RESect-10.III P-27RESect-10.III P-28RESect-10.III P-29RECh-10 P-1CRCh-10 P-2CRCh-10 P-3CRCh-10 P-4CRCh-10 P-5CRCh-10 P-6CRCh-10 P-7CRCh-10 P-8CRCh-10 P-9CRCh-10 P-10CRCh-10 P-11CRCh-10 P-12CRCh-10 P-13CRCh-10 P-14CRCh-10 P-1ATCh-10 P-2ATCh-10 P-3ATCh-10 P-4ATCh-10 P-5ATCh-10 P-6ATCh-10 P-7ATCh-10 P-8ATCh-10 P-9ATCh-10 P-10ATCh-10 P-11ATCh-10 P-12ATCh-10 P-13ATCh-10 P-14ATCh-10 P-15ATCh-10 P-16ATCh-10 P-17ATCh-10 P-18ATCh-10 P-19ATCh-10 P-20ATCh-10 P-21ATCh-10 P-22ATCh-10 P-23ATCh-10 P-24ATCh-10 P-25ATCh-10 P-26ATCh-10 P-27ATCh-10 P-28ATCh-10 P-29ATCh-10 P-30ATCh-10 P-31ATCh-10 P-32ATCh-10 P-33ATCh-10 P-34ATCh-10 P-35ATCh-10 P-36ATCh-10 P-37AT

Additional Math Solutions

Find more solutions based on key concepts

Show solutions add

Find an equation of the line that passes through (1, 2) and (4, 5).

Applied Calculus for the Managerial, Life, and Social Sciences: A Brief Approach

Find the 1000th derivative of f(x) = xex.

Single Variable Calculus: Early Transcendentals, Volume I

Find the total current in each parallel circuit:

Elementary Technical Mathematics

Use the guidelines of this section to sketch the curve. y=xx1

Single Variable Calculus: Early Transcendentals

If f(x) = sin 2x, an upper bound for |f(n + 1)(x)| is 2 2n 2n + 1 22n

Study Guide for Stewart's Single Variable Calculus: Early Transcendentals, 8th

Give the three characteristics of a standard maximization linear programming problem.

Finite Mathematics for the Managerial, Life, and Social Sciences

0 1 π It does not exist.

Study Guide for Stewart's Multivariable Calculus, 8th

Given: NQ bisects MNP PQ bisects MPR mQ=42 Find: mM

Elementary Geometry for College Students

Define induction and deduction and explain the role of each in the scientific method.

Research Methods for the Behavioral Sciences (MindTap Course List)