What is the maximum late fee that may be added by the Makupei Community Association?
The maximum late fee that can be added by the Makupei Community Association depends on the monthly assessment amount and the terms of the late fee. Assuming a monthly assessment of $100 and a 10% daily late fee, the maximum late fee would vary depending on the number of days past the due date. The maximum late fee would be $40.
Understanding Maximum Late Fee Calculation
The maximum late fee that may be added by the Makupei Community Association can be determined using the information provided. Since the late fee is added to assessments for payments made after the third of the month, it is important to understand the amount of the monthly assessment and the terms associated with the late fee.
Let's assume the monthly assessment is $100 and the late fee is 10% of the assessment per day. If the late fee is only applied once, then the maximum late fee would be $100 * 10% = $10. However, if the late fee is applied daily, the maximum late fee would depend on the number of days past the due date. For example, if the payment is 4 days late, the maximum late fee would be $100 * 10% * 4 = $40.