Phillip charged $400 worth ofgoods on his credit card. On his first bill, he was

Question

Phillip charged $400 worth ofgoods on his credit card. On his first bill, he was not charged anyinterest, and he made a payment of $20. He then charged another $18worth of goods. On his second bill a month later, he was charged 2%interest on his entire unpaid balance. How much interest wasPhillip charged on his second bill?
A. $8.76 B. $7.96 C. $7.60 D. $7.24 E. $6.63 Phillip charged $400 worth ofgoods on his credit card. On his first bill, he was not charged anyinterest, and he made a payment of $20. He then charged another $18worth of goods. On his second bill a month later, he was charged 2%interest on his entire unpaid balance. How much interest wasPhillip charged on his second bill?
A. $8.76 B. $7.96 C. $7.60 D. $7.24 E. $6.63

Explanation / Answer

(400-20+18)x.02=7.96 or B

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