Griff's property tax is $603.82 and is due April 10. He does not pay until August 14. The county adds a penalty of 7.4% simple interest on unpaid tax. Find the penalty using exact interest

Question

anonymous · Answer

do I use 
I= prt?

anonymous · Answer

Would I use 1=t

and would my final answer be $44.68

anonymous · Answer

The simple interest formula is, well, simple. That's why they call it the simple interest formula! xD

Interest = (principal)(rate)(time)

Interest = how much extra you have to pay

principal = the amount of money being loaned to you

rate = the rate at which you have to pay the interest

time = how long until the loan must be paid back.

----
I=prt

So, you're trying to find I (your interest) here.

The amount of money being loaned to you is 603.82. That is your principal.

I = (603.82)rt

Your rate is 7.4%, or 0.074.

I = (603.82)(0.074)t

and your time is 4 days.

I = (603.82)(0.074)(4)

According to Google Calculator, your interest is:

I = 178.73072

Rounded to the nearest cent, it is:

178.73

anonymous · Answer

It was due april 10 and was paid August 14

anonymous · Answer

and is the question specifically asking for a 7.4% interest daily or is it just one lump sum?

anonymous · Answer

The t(time) is what I am concerned about!

anonymous · Answer

because isn't time in this formula in years?