You Need to Borrow $1500 to Cover Your School Expenses

Multiple Choice

You need to borrow $1500 to cover your school expenses for 10 months. After calling several places, you can choose between a money store charging 15% simple interest per year or your family who will charge you 10% per year. How much will you save by borrowing from your family?

A) $62.50
B) $150.00
C) $312.50
D) $750.00