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You've just taken out a student loan with a quoted interest rate of 5.6%. You will have to pay back $2,800 in 16 years, with

You've just taken out a student loan with a quoted interest rate of 5.6%. You will have to pay back $2,800 in 16 years, with no intermediate payments necessary.

How much did you borrow if interest is compounded monthly?

How much did you borrow if interest is compounded daily?

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