Percentages are ratios of an amount compared to 100. The percent change of an old to new value is equal to 100% x \({ new - old \over old }\).
Charlie loaned April $1,200 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?
| $1,308 | |
| $1,224 | |
| $1,248 | |
| $1,212 |