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What’s the total Late Fee Interest charged to the customers based on the policy below?
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SELECT ONLY ONE
$0
$50
$75
$100
$200
Revelant knowledge
A late-payment interest refers to the amount that has to be paid in case of a late loan repayment. The interest rate is derived as a compensation to the lender for the late payment.
Answer: $50
Explanation:
Under 1 to 30 days Halifax Sporting Goods had $500
So, 1 to 30 days = $500 x 0% = $0
Under 31 to 60 days Eckhardt Design had $1,000
So, 31 to 60 days = $ 1,000 x 5% = $50
Under 61 to 90 days Walker Studios had $0
So, 61 to 90 days = $0 x 10% = $0
Under 90 days there is also $0
So, 90 days = $0 x 20% = $0
The Total Late Fee Interest is:
1 to 30 days + 31 to 60 days + 61 to 90 days + 90 days = $0 + $50 + $0 + $0 = $50