Percentages are ratios of an amount compared to 100. The percent change of an old to new value is equal to 100% x \({ new - old \over old }\).
Ezra loaned Christine $100 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?
| $101 | |
| $109 | |
| $102 | |
| $103 |