Veronica was offered a loan using the discount method of calculation by her bank. She will borrow $10,000 for one year at an APR of 11%. How large will the check be that Veronica receives? How much must she repay?
A) $11,100; $11,100
B) $10,000; $11,100
C) $8,900; $11,100
D) $8,900; $10,000
E) None of the above is correct.
Answer: D
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