answersLogoWhite

0


Best Answer

his total amount is= $400

His first and second spends=$20+18=38

400-38=398

398*.02=$7.96

User Avatar

Wiki User

12y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: Phillip charged 400 worth of goods on his credit card On his first bill. he was not charged any interest. and he made a payment of 20. He then charged another 18 worth of goods On his second bill?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

What does it mean if your loan payment is overdue?

If your loan payment is overdue, you will be charged interest that is higher than normal. You may also be charged a late fee and hurt your credit rating.


Can interest continue to be charged on the principal amount of a judgment which has a court approved payment agreement?

Yes.


Thomas charged 2400 on his credit card to buy furniture the interest rate charged by the credit card company is 24.9 percent after one payment the minimum payment on the debt is 50?

2399.80


What happen if i don't pay credit card the amount due each month?

If you don't pay at least the minimum payment on your credit cards by the due date, you will be considered a month behind and so on till you are up to date with your monthly payment(s). You'll also be charged interest and with most credit cards, interest is charged daily from date of when you purchased your item and not by the statement billing date. That is why it is important to make a payment asap, than to wait till the due date. ie) if you make a payment even one day after your due date your charged interest. if you purchased an item on Aug 29 and your billing date is sept 1 and your due date is sept 22 and you miss your payment on the due date. interest will be calculated daily from aug 29 till full payment is received if you pay the full payment (including interest) on sept 23 your interest will be less than, if you pay your full payment (including interest) on the next due date of oct 22.


Can a interest be charged on a late fee?

No. But what will be charged on a late fee, will be reflected on something known as your your finance charges. Finance charges will go up if you are late making a payment on your credit card.


When I issued a shipping label on UPS website and arranged for pickup, it was initially displayed as 20.85 USD, but after paying 20.85 USD at the PayPal payment stage, I was charged an additional 8 USD. Why was I charged an additional 8 USD?

The extra cost might be for the interest payment


What is the cost of purchasing something with credit by financing and cash?

When you buy something on credit, there is going to be an interest payment. And even if you are told that there is no interest payment, such offers generally come with an "administrative fee" which means that you are paying interest under another name.


Is it accurate to say that 500 payday loans are expensive to get?

"Payday" loans are typically short-term loans that require re-payment in about 30 to 60 days. Before securing this type of loan, it is important to review and understand when interest is charged, as well as the rate at which interest is charged. If you're unemployed, and won't be able to pay the loan back quickly, the interest charged can be very expensive.


What does -- the process of deferring interest as an asset rather than an expense -- mean in WikiAnswers' answer to Capitalization of Interest?

Interest charged is normally an expense - in that it is a deduction from an account. Deferring payment of the interest, means the money that would have been paid is still in the account - making it an asset.


Is mortgage payment a variable cost?

Mortgage payment can either be fixed or variable cost. A fixed cost means the interest rate charged on the loan will remain the same for the loan's entire term. A variable cost means the interest rate changes or decreases as time pass.


If a payment is missed on a private contract does Washington State law require that interest be charged?

Greetings fellow Washingtonian! The answer to your question is that the state does not require that you collect interest. I will assume you are talking about a real estate contract (the kind where the seller finances the property--not to be confused with a mortgage or deed of trust). If you are the seller, you are not required to charge any interest at all (my, what a nice person you are). But if the R.E.C. provides for interest, and a payment is not made, then interest will accrue on the unpaid principal. If there is a late fee provided for in the contract, then the late fee may be charged, and if unpaid, the seller may initiate foreclosure proceedings.


How do you treat interest on advance payment of tax in financial statements?

there is no interest on advance payment of tax