Percentages are ratios of an amount compared to 100. The percent change of an old to new value is equal to 100% x \({ new - old \over old }\).
Frank loaned April $500 at an annual interest rate of 5%. If no payments are made, what is the total amount owed at the end of the first year?
| $545 | |
| $505 | |
| $510 | |
| $525 |