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What does 6.8% interest actually mean?
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August 14th, 2008
Say I were to take out a student loan for, oh, $2000 dollars. The loan has 6.8% interest, which begins to accrue immediately, though I don’t have to make payments on it for three more years. In three years time, how much would the balance on my originally $2000 dollar loan actually be?
Is it just 6.8% interest a year? And is the interest on only the original amount, or the amount plus interest from previous years?
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