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Assume you borrow $1,000 for one year at a stated contract rate of 10%. You will be making 12 monthly payments to repay this loan.

Assume you borrow $1,000 for one year at a stated contract rate of 10%. You will be making 12 monthly payments to repay this loan. What is the APR for this loan using discount interest?

10%
17.98%
19.90%
None of the above

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