Assignment:
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?
Provide complete and step by step solution for the question and show calculations and use formulas.