You make an $800 purchase on a new credit card that has a monthly interest rate of 1.5%. You receive your first credit card statement in the mail and the balance is $800. You make a payment of $25. What is your new balance after the payment?(1 point)

Answer 1

To calculate the new balance after the payment, first calculate the interest charged for the month:

Interest charged = $800 x 1.5% = $12

Subtract the payment made from the total balance:

New balance = $800 - $25 - $12 = $763

Therefore, your new balance after the payment is $763.