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Gordon paid the $10,000 balance of his Federal income tax three months late. Ignore daily compounding...

Gordon paid the $10,000 balance of his Federal income tax three months late. Ignore daily compounding of interest. Determine the interest rate that applies relative to this amount, assuming that:

  1. Gordon is an individual.

  2. Gordon is a C corporation.

  3. The $10,000 is not a tax that is due, but is a refund payable by the IRS to Gordon (an individual).

  4. The $10,000 is not a tax that is due, but is a refund payable by the IRS to Gordon (a C corporation).

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