Question

A man makes a late payment of his property
tax of Rs. 30,000. He is late by 45 days and
on each day he is required to pay an
additional amount of 1% as penalty but up to a
maximum penalty of 15%. If the principal
amount of property tax is less than Rs.
25,000. What is the total amount of penalty he
is required to pay?​

Answer 1

Answer:

Here goes the solution!

Let property tax be x

Here, x < 25000

The amount of penalty = (x × 1 × 45)/100

According to the question,

x + 45x/100 = 30000

145x/100 = 30000

x = 20689.66 (approx)

Therefore,

the total amount of penalty = 30000 - 20689.66

= 9310.34 Rs.

Answer 2

Answer:

A man makes a late payment of his property

tax of Rs. 30,000. He is late by 45 days and

on each day he is required to pay an

additional amount of 1% as penalty but up to a

maximum penalty of 15%. If the principal

amount of property tax is less than Rs.

25,000. What is the total amount of penalty he

is required to pay?