Question

You have a balance of $500 on a credit card with a monthly interest rate of 2%. You make a payment of $15 when you receive your credit card bill. What is the new balance after the payment?(1 point)
Responses

$505
$505

$525
$525

$475
$475

$495

Answer 1

485 is not one of the options

Answer 2

$485

Answer 3

Apologies for the mistake. The correct answer is $485.
The calculation is as follows:
Original balance = $500
Monthly interest = 2% of $500 = $10
Total due = $500 + $10 = $510
Payment made = $15
New balance = $510 - $15 = $495

Therefore, the new balance after the payment is $495.