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You've just taken out a student loan for $1,900 with a quoted interest rate of 3.4%. You will have to pay it back in 6
You've just taken out a student loan for $1,900 with a quoted interest rate of 3.4%. You will have to pay it back in 6 years, with no intermediate payments necessary.
Part 1
How much will you have to pay back if interest is compounded annually?
Part 2
How much will you have to pay back if interest is compounded monthly?
Part 3
How much will you have to pay back if interest is compounded daily?
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