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Suppose that you borrow $4700 for your first year and $5900 for your second year as federal direct student loans at a 4.29% interest rate.

Suppose that you borrow $4700 for your first year and $5900 for your second year as federal direct student loans at a 4.29% interest rate. Suppose that each loan begins on September 1 of its year, that you finish college in four years, that you do not pay the accruing interest in the meantime, and that you begin repayment on December 1 after graduation. What is your total debt on that December 1, and how much of that is interest? (Round your answers to two decimal places.)

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