Percentages are ratios of an amount compared to 100. The percent change of an old to new value is equal to 100% x \({ new - old \over old }\).

Bob loaned Frank $300 at an annual interest rate of 9%. If no payments are made, what is the interest owed on this loan at the end of the first year?

$56 | |

$60 | |

$12 | |

$27 |