You make a purchase of $600 on a new credit card with a yearly interest rate of 12%. You make a large payment your first month of $200. What is the credit card balance before you make the payment?(1 point) Responses $472 $472 $672 $672 $406 $406 $606

Answer 1

The credit card balance before you make the payment is $600.

Calculation:
Initial purchase: $600
Interest rate: 12%
Interest on $600 for 1 month: $600 * (12%/12) = $6
Balance after 1 month: $600 + $6 = $606

Therefore, the credit card balance before you make the payment is $600.

The correct response is:
$606