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
3 answers
$485
485 is not one of the options
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.
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.