Percentages are ratios of an amount compared to 100. The percent change of an old to new value is equal to 100% x \({ new - old \over old }\).

Ezra loaned Charlie $500 at an annual interest rate of 2%. If no payments are made, what is the interest owed on this loan at the end of the first year?

$24 | |

$35 | |

$10 | |

$21 |