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Determine the interest rate that applies

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Problem - Gordon paid the $10,000 balance of his Federal income tax three months late. Ignore daily compounding of interest. Determine the interest rate that applies relative to this amount for the current period, assuming that:

a. Gordon is an individual.

b. Gordon is a C corporation.

c. The $10,000 is not a tax that is due, but is a refund payable by the IRS to Gordon (an individual).

d. The $10,000 is not a tax that is due, but is a refund payable by the IRS to Gordon (a C corporation).

Reference no: EM132664343

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