Although I only care that you learn the material, not that you learn it by a certain date, I find that the reality of grading many students' assignments each week—and giving timely feedback to those on time—forces me to have a rigid late policy that runs against my pedagogical instincts. On the other hand, you will not have the luxury of being "late" in real-world jobs, so this policy can be viewed as preparation for life after Smith.
I will reduce the grade by 5 points out of 100 for every day late (and pro-rate for fractional days). See the link Grading Numerology for how I associate letter grades to a 100-point scale: 5 points is half a grade. So this means being a full week late reduces your grade by 35 points.
Exceptions are possible. All Class Dean extensions will of course be acknowledged. Travel, especially for seniors interviewing, allows extensions as long as you notify me of absence in advance. I'd prefer not to hear that you are sick but not sick enough to get a Class Dean extension.
This late policy will be implemented for assignment A2 and onwards (not applied A1).
But note: I will drop your single lowest assignment grade (assignment grade only, not also your lowest quiz grade).