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)

Answer 1

The new balance after the $15 payment would be $485.

Calculation:
Original balance: $500
Interest for the month: 2% of $500 = $10
Total amount due before payment: $500 + $10 = $510
Payment made: $15
New balance: $510 - $15 = $485