1. What was the principal amount of the loans? (Both should be the same.) 2. What was the total amount of the loan using the simple interest calculation? (Total amount = principal + interest) 3. What was the total amount of the loan using the compound interest calculation? 4. Which total loan amount was more expensive? Simple interest or compound interest? 5. How much more expensive was it? 6. Explain whether or not this is a significant difference based on what you learned about budgets this week. (How would the amount from Question 5 affect your budget? Be specific.) 7. Based on what you've learned this week, share 3 ways someone can minimize student loan debt.