Percentages are ratios of an amount compared to 100. The percent change of an old to new value is equal to 100% x \({ new - old \over old }\).
Alex loaned Jennifer $500 at an annual interest rate of 3%. If no payments are made, what is the total amount owed at the end of the first year?
| $515 | |
| $520 | |
| $505 | |
| $545 |