A family made a down payment of $25
and borrowed the balance on a set of
encyclopedias that cost $400. The
balance with interest was paid in 28
monthly payments of $16 each and a
final payment of $19. The amount of
interest paid was what percent of the
amount borrowed? Choose the correct choice from the following answers.
A) 6.75% B) 12.25% C) 14.23% D) 16.66% E) 24.53%
interest paid = 16*28+19 - 375= 
<gadget id="calculator">16*28+19 - 375</gadget>
<output>92</output>
92   % off the balance= (92/375) * 100 = 24.53%   Answer is 24.53%.
<result>E</result>
A family made a down payment of $25
and borrowed the balance on a set of
encyclopedias that cost $400. The
balance with interest was paid in 28
monthly payments of $16 each and a
final payment of $19. The amount of
interest paid was what percent of the
amount borrowed?