A student wants to purchase a new bicycle that costs $350. They have $150 in cash, a $50 gift card, and a credit card with a $500 limit. Identify the payment method that can cover the cost of the new bike.
The student has a total of $150 in cash and a $50 gift card, which adds up to $150 + $50 = $200.
The remaining cost of the bicycle after using cash and the gift card is $350 - $200 = $150.
Since the student's credit card has a $500 limit and the remaining cost is only $150, the credit card can cover the cost of the new bike.