Your favorite cousin bought a brand new couch during the holidays and decided to finance the purchase $2,800. She signed a contract for a 2 year loan, which compounds daily at 24.9%. What is the monthly payment that she can expect to make? (Select the closest number)

1. $4.87
2. $116.67
3. $146.10
4. $236.54

   Based on the question, what is the total amount of interest that your cousin can expect to pay for the sofa over the life of the loan?