Calculating Tenant Late Fees

[David Douglass]

According to the contract the late fee is "1.5% per month for rent that is received after the latter of the due date and the expiration of any grace period under the act, if any."

If the rent is due on the first and the tenant pays on the 8th, what is he charged? (It looks as if there was a typo that should have been per day instead of "per month".)