Percentages are ratios of an amount compared to 100. The percent change of an old to new value is equal to 100% x \({ new - old \over old }\).
Monty loaned Betty $100 at an annual interest rate of 1%. If no payments are made, what is the total amount owed at the end of the first year?
$101 | |
$103 | |
$107 | |
$108 |