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Late fees are charged at 5% or .05 of the installment amount. Example: installment is 497.68 x 5% = 24.88 late fee. The late fees are accessed at 2:00pm on the 10th day from the due date unless it falls on the weekend or holiday then the late fee is accessed at 2:00pm on the day before the holiday or at 2:00 pm that Friday before the weekend.
