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?
$495
$475
$505
$525
New Balance = Old Balance + Monthly Interest - Payment
New Balance = $500 + ($500 * 0.02) - $15
New Balance = $500 + $10 - $15
New Balance = $510 - $15
New Balance = $495
So, the new balance after the payment of $15 is $495.