Nestor R. answered • 11d

Statistician with a very good grounding in Algebra

Thomas has a new card and the first purchase **P** is for $200.00.

The card's annual interest rate **i** is 10.99% which is 0.1099 as a proportion.

The time period **t** is 1 month which is 1/12 (0.0833) of a year.

The new balance is P * (1 + i*t), which is the original balance plus interest accrued during some time period.

The new balance = $200.00 * (1 + 0.1099 * 0.0833) = $200.00 * 1.0092 = **$201.84**