A family made a down payment of $75 and borrowed the balance on a set of encyclopedias that cost $500. The balance with interest was paid in 23 monthly payments of $20 each and a final payment of $9. The amount of interest paid was what percent of the amount borrowed?  Choose one:
A) 10.3%
B) 12.5%
C) 13%
D) 11%
E) 10%
borrowings = 500-75= 
<gadget id="calculator">500-75</gadget>
<output>425</output>
425   total pmt= 23x20 + 9 = 469   so int = 469 - 425= 
<gadget id="calculator">469 - 425</gadget>
<output>44</output>
44   interest in terms of borrowing= 44/425 = 10.3%   10.3%nswer is 10.3%
<result>A</result>
A family made a down payment of $75 and borrowed the balance on a set of encyclopedias that cost $500. The balance with interest was paid in 23 monthly payments of $20 each and a final payment of $9. The amount of interest paid was what percent of the amount borrowed?