I am trying to multiply this column by a number if the condition is met. If it is I want the august_report['Monthly Recurring Charge'] column to be multiplied by a number such as 20.
august_report['Activation Commission'] = np.where((august_report['Line activity'] == 'Activation')&(august_report['Activation type'] == 'Lease'),np.multiply(august_report['Monthly Recurring Charge'],20))
IIUC this is what you're looking for:
august_report['Activation Commission'] = np.where((august_report['Line activity'] == 'Activation')&(august_report['Activation type'] == 'Lease'),august_report['Monthly Recurring Charge']*20, 'condition not met'))
If you want to preserve the original value when the condition isn't met you replace 'condition not met'
by august_report['Monthly Recurring Charge']