Murphy's Repair has the following outstanding account receivables at the end of the month
The monthly late fee is 1.50% of the outstanding balance at the end of each billing month following the sale (February sales receive a late fee in April if not paid by March 31). Determine the total late fees due for the following.
Invoice # Bill Date Customer Original $ Late Fees $ Current Date
6872 6/15/2008 RLO $321.00 9/30/2008
7100 6/25/2008 JBL $417.00 9/30/2008
7469 7/12/2008 DLL $585.00 9/30/2008
A) $19.85
B) $31.08
C) $48.17
D) $0.00
Answer: B
Explanation: B) ($321 + $417) × ((1.015)2 - 1) + $585 × (0.015) = $31.08.
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