Percentages are ratios of an amount compared to 100. The percent change of an old to new value is equal to 100% x \({ new - old \over old }\).
Damon loaned Monica $700 at an annual interest rate of 7%. If no payments are made, what is the total amount owed at the end of the first year?
| $728 | |
| $742 | |
| $749 | |
| $721 |