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If the interest rate is 6% compounded quarterly, how long (number of quarters) will it take to earn $100 interest on an initial deposit of

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If the interest rate is 6% compounded quarterly, how long (number of quarters) will it take to earn $100 interest on an initial deposit of $300? [Hint: interest=FV-PV] Select one: O a. 18 ob.16 O c. 12 O d. 20 A young businessperson wishes to buy a house but can afford monthly payments of only $500. Thirty-year loans are available at 6% interest compounded monthly. If she can make a $5000 down payment, what is the price of the most expensive house that she can afford to purchase? Select one O a. 5000 b. 83396 c. 88396 d. 5396

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