Percentages are ratios of an amount compared to 100. The percent change of an old to new value is equal to 100% x \({ new - old \over old }\).
Charlie loaned Frank $1,100 at an annual interest rate of 2%. If no payments are made, what is the interest owed on this loan at the end of the first year?
| $3 | |
| $22 | |
| $4 | |
| $36 |