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Shelly Sanders gets a loan for $1,200 and repays the loan in 12 monthly payments of $103.50 per month. Under the APR formula, what is

Shelly Sanders gets a loan for $1,200 and repays the loan in 12 monthly payments of $103.50 per month. Under the APR formula, what is the amount of interest included in her first payment?

Multiple Choice

  • $5.30

  • $3.50

  • $3.86

  • $6.46

  • $5.83

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