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 April $400 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?
| $416 | |
| $412 | |
| $404 | |
| $408 |