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 Jennifer $1,400 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?
| $1,428 | |
| $1,498 | |
| $1,470 | |
| $1,442 |