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 Christine $600 at an annual interest rate of 2%. If no payments are made, what is the total amount owed at the end of the first year?
$618 | |
$648 | |
$606 | |
$612 |