Questions: On your credit card statement, the amount that you owe the financial institution now is called the A. minimum payment. B. payments. C. previous balance. D. new balance.

The answer is D: new balance.

Explanation for each option:

A. Minimum payment: This is the smallest amount you are required to pay by the due date to keep your account in good standing. It is not the total amount you owe but rather a portion of it.

B. Payments: This refers to the amounts you have paid towards your credit card balance. It is not the amount you currently owe.

C. Previous balance: This is the amount you owed at the end of the last billing cycle before any new charges, payments, or credits were applied. It does not reflect the current amount you owe.

D. New balance: This is the total amount you owe the financial institution at the end of the current billing cycle, including any new charges, interest, and fees, minus any payments or credits. It represents the current amount you owe.