BILL'S AUTO BODY SHOP IS NOT A LARGE CORPORATION, BUT IS REQUIRES TO MAKE ESTIMATED TAX PAYMENTS. FOR THE YEAR ENDED DECEMBER 31,2017 BILL'S TAX LIABILITY WAS 300,000 AND FOR 2018 IT WAS 320,000. BILL DOES NOT USE THE ANNUALIZED INCOME OR ADJUSTED INCOME METHODS FOR THE ESTIMATED TAXES. THE FIRST AND SECOND PAYMENTS WERE ON TIME, BUT A CLERICAL ERROR ONLY 60,000 WAS PAID FOR THE THIRD PAYMENT. THE ERROR WAS NOT DISCOVERED UNTILDUE DATE OF APRIL 15. IF INTEREST RATE FOR THE THIRD AND FOURTH QUARTERS OF 2018 WERE 8%, WHAT IS BILL'S PENALTY FOR UNDERPAYING THE THIRD INSTALLMENT OF ESTIMATED TAX

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