A family made a down payment of $75 and borrowed the balance on a set of encyclopedias that cost $300. The balance with interest was paid in 23 monthly payments of $12 each and a final payment of $3. The amount of interest paid was what percent of the amount borrowed?	Choose the correct choice from the following options.
A) 23%	B) 20%	C) 25%	D) 26%	E) 24%
borrowings = 300-75= 
<gadget id="calculator">300-75</gadget>
<output>225</output>
225   total pmt= 23x12 + 3 = 279   so int = 279 - 225= 
<gadget id="calculator">279 - 225</gadget>
<output>54</output>
54   interest in terms of borrowing= 54/225 = 24%   Answer is 26%
<result>D</result>
A family made a down payment of $75 and borrowed the balance on a set of encyclopedias that cost $300. The balance with interest was paid in 23 monthly payments of $12 each and a final payment of $3. The amount of interest paid was what percent of the amount borrowed?