Percentages are ratios of an amount compared to 100. The percent change of an old to new value is equal to 100% x \({ new - old \over old }\).
Monty loaned Monica $400 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?
| $404 | |
| $420 | |
| $408 | |
| $428 |