We made a down payment of $80 and borrowed the balance on a new violin which cost $400. The balance with interest was paid in 23 monthly payments of $14 each and a final payment of $22. The amount of interest paid was what percent of the amount borrowed? Choose the correct choice from the following answers
A) 5.5% B) 6.5% C) 7.5% D) 8.5% E) 9.5%
We borrowed $320.   To pay back this loan, we paid 23*$14 + $22=$344.   The interest was $344-$32023* 14 +  22= 
<gadget id="calculator">23* 14 +  22</gadget>
<output>344</output>
$344.   The interest was $344-$320=$24.   The percentage was $24/$320344- 320= 
<gadget id="calculator">344- 320</gadget>
<output>24</output>
$24.   The percentage was $24/$320=0.075  24/ 320= 
<gadget id="calculator">  24/ 320</gadget>
<output>3/40 = around 0.075</output>
0.075=7.5%.   The answer is 7.5%.
<result>C</result>
We made a down payment of $80 and borrowed the balance on a new violin which cost $400. The balance with interest was paid in 23 monthly payments of $14 each and a final payment of $22. The amount of interest paid was what percent of the amount borrowed?