SOLUTION: Phillip charged $400 worth of goods on his credit card.on his first bill, he was not charged any interest, and he a payment of $20. He then charged $18 worth of goods. On his secon
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Question 936039: Phillip charged $400 worth of goods on his credit card.on his first bill, he was not charged any interest, and he a payment of $20. He then charged $18 worth of goods. On his second bill a month later, he was charged 2% interest on his entire unpaid balance. How much interest was Philip charged on his second bill? Answer by TimothyLamb(4379) (Show Source):
You can put this solution on YOUR website! first month balance carried over:
b = 400 - 20
b = 380
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second month billed:
b = 380 + 18
b = 398
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second month interest charged:
i = 398*0.02
i = 7.96
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