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radhika1306
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 Posted: Tue Aug 28, 2007 10:24 am Post subject: 1000 PS |
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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% |
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beny
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| Posted: Tue Aug 28, 2007 10:43 am Post subject: |
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Total paid: 75+23*16+9 = 452. Books cost 400, so interest must have cost 52.
Total amount borrowed = 400-75 = 325.
52/325 = 16%. |
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