A family made a down payment of $20 and borrowed the balance on a set of encyclopedias that cost $500. The balance with interest was paid in 24 monthly payments of $25 each. The amount of interest paid was what percent of the amount borrowed?
Choose the correct choice from the following.
A) 16%	B) 25%	C) 24%	D) 26%	E) 20%
borrowings = 500-20= 
<gadget id="calculator">500-20</gadget>
<output>480</output>
480   total pmt= 24x25 = 600   so int = 600 - 480= 
<gadget id="calculator">600 - 480</gadget>
<output>120</output>
120   interest in terms of borrowing= 120/480 = 25%   Answer is 25%
<result>B</result>
A family made a down payment of $20 and borrowed the balance on a set of encyclopedias that cost $500. The balance with interest was paid in 24 monthly payments of $25 each. The amount of interest paid was what percent of the amount borrowed?