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Hi Karen,
This is a good approach to take. I deduct 20 points for each day the assignment is late. That way in 5 days the assignment has no value. The reason I do this is so there is closure. As you know if you don't students will be handing in assignments at the end of the course that were due the first day.
I also take into account circumstances that have impacted the late assignment. I talk with the students so I am understanding of why they had some challenges in getting the work in.
Gary

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