Question 1 of 29
A university is implementing a new tuition management system that allows students to pay their tuition fees in installments. The total tuition fee for a program is $12,000, and students can choose to pay in 4 equal installments over the course of the academic year. If a student decides to pay the first installment on time but misses the second installment, they incur a late fee of 5% of the installment amount. What will be the total amount the student has to pay after the late fee is applied to the second installment?
$12,600
$12,500
$12,300
$12,400

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