A family made a down payment of $20
and borrowed the balance on a set of
encyclopedias that cost $120. The
balance with interest was paid in 7
monthly payments of $15.2 each and a
final payment of $7. The amount of
interest paid was what percent of the
amount borrowed?
Choose the correct choice from the following options.
A) 6%
B) 12%
C) 13.4%
D) 16%
E) 20%
interest paid = 15.2*7+7 - 100= 
<gadget id="calculator">15.2*7+7 - 100</gadget>
<output>13.4</output>
13.4   % off the balance= (13.4/100) * 100= 
<gadget id="calculator">(13.4/100) * 100</gadget>
<output>13.4</output>
13.4 %   Answer is 13.4%.
<result>C</result>
A family made a down payment of $20
and borrowed the balance on a set of
encyclopedias that cost $120. The
balance with interest was paid in 7
monthly payments of $15.2 each and a
final payment of $7. The amount of
interest paid was what percent of the
amount borrowed?