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%