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What is the APR (annual) for a loan that charges a $12 fee (interest) to borrow $100 for a loan period of 10 days. 1.

What is the APR (annual) for a loan that charges a $12 fee (interest) to borrow $100 for a loan period of 10 days.

1. 438%

2. 312%

3. 304%

4. 120%

(Could you also show how you solved this? Thank you.)

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