Section 3 Q16

16. A family made a down payment of $75 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?
(A) 6%
(B) 12%
(C) 14%
(D) 16%
(E) 20%


Answer:D

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