A family made a down payment of $100 and borrowed the balance on a set of encyclopedias that cost $400. The balance with interest was paid in 23 monthly payments of $16 each and a final payment of $9. The amount of interest paid was what percent of the amount borrowed? Choose the most appropriate option:
A) 30%	B) 22%	C) 24%	D) 27%	E) 25.67%
borrowings = 400-100= 
<gadget id="calculator">400-100</gadget>
<output>300</output>
300   total pmt= 23x16 + 9 = 377   so int = 377 - 300= 
<gadget id="calculator">377 - 300</gadget>
<output>77</output>
77   interest in terms of borrowing= 77/300 = 25.67%   Answer is 25.67%
<result>E</result>
A family made a down payment of $100 and borrowed the balance on a set of encyclopedias that cost $400. The balance with interest was paid in 23 monthly payments of $16 each and a final payment of $9. The amount of interest paid was what percent of the amount borrowed?