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Question

A family made a down payment of 75andborrowedasetofencyclopediasthatcost400. The balance with interest was paid in 23 monthly payments of 16eachandafinalpaymentof9. What was the per cent of interest to the borrowed sum?

A
12 %
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B
14 %
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C
16 %
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D
18 %
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Solution

The correct option is C 16 %
Total cost =400Downpayment= 75
Remaining amount=40075= 325Balancedpaidin24months=23 \times 16+9=377
Difference=377325=52Thepercentofinteresttotheborrowedsum=\frac{52}{325}\times 100=16$

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