Final answer:
The fine would be the sum of the $10 base late fee plus $5 for each day payment is late, within the 60 days period. For example, if the renewal was completed 20 days late, the fine would be $110.
Step-by-step explanation:
If you are asked about the fine for an on-time renewal with LATE education but completed within 60 days after the renewal date based on the credit card company's charges, we can calculate this fine as follows:
- The company charges a base late fee of $10.
- Additionally, there is a daily charge of $5 for each day the payment remains unpaid.
To find the total fine, we would need the exact number of days the payment was late, not exceeding 60 days. We would multiply the number of late days by $5 and then add the $10 base late fee to arrive at the total amount owed for the fine.
For example, if the renewal was completed 20 days late, the fine would be:
20 days * $5/day = $100 in daily charges
$100 + $10 base fee = $110 total fine