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Home/ Questions/What's the total Late Fee Interest charged to the customers based on the policy below?
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ptntuto
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ptntuto
Asked: April 13, 20222022-04-13T06:53:52+00:00 2022-04-13T06:53:52+00:00In: Accounting

What’s the total Late Fee Interest charged to the customers based on the policy below?

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What’s the total Late Fee Interest charged to the customers based on the policy below? 

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Whats%20the%20total%20Late%20Fee%20Interest%20charged%20to%20the%20customers%20based%20on%20the%20policy%20below?%20Vittorla's...

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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.

late fee interest
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    Elizabeth O'Kelly
    2022-04-13T06:53:55+00:00Added an answer on April 13, 2022 at 6:53 am

    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

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