Percentages are ratios of an amount compared to 100. The percent change of an old to new value is equal to 100% x \({ new - old \over old }\).
Roger loaned April $1,000 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?
| $1,020 | |
| $1,030 | |
| $1,040 | |
| $1,070 |