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)
To calculate the new balance after the $25 payment, we first need to calculate the interest accrued on the $800 balance.
Interest accrued = $800 * 1.5% = $12
So, the total amount due on the credit card is now $800 + $12 = $812.
After making a payment of $25, the new balance will be $812 - $25 = $787.
Therefore, your new balance after the payment is $787.