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 $1,300 at an annual interest rate of 1%. If no payments are made, what is the interest owed on this loan at the end of the first year?
| $20 | |
| $99 | |
| $27 | |
| $13 |