Question

Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the payment November 8. The IRS sent her a penalty charge of 10.80% simple interest on the unpaid taxes of $5,600. Calculate the penalty. (Remember that the government uses exact interest.) (Use Days in a year table.) (Do not round intermediate calculations. Round your answer to the nearest cent.)