Your pharmacy's wholesaler charges an additional 7% late fee if invoices are not paid in full within 30 days of receiving them. The last invoice, for a total of $1626.42 was received on Tuesday, April 15. The invoice was paid by the accounting department on May 20. How much should have been paid?

Question

Quizplus · Accepted Answer

The accounting department should have paid $1740.27 for the invoice received on April 15. The invoice was not paid within 30 days of receiving it, so the pharmacy would be responsible for an additional 7% late fee. The pharmacy would then be responsible for the entire cost of the invoice, plus the 7% late fee, or $1626.42 x 1.07 (represents the entire cost of the order + the 7% late fee) = $1740.27.

Your Pharmacy's Wholesaler Charges an Additional 7% Late Fee If