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I came up with D and D You plan to take out a 30-year fixed rate mortgage for $200,000. Let P(r) be your monthly payment
I came up with D and D
You plan to take out a 30-year fixed rate mortgage for $200,000. Let P(r) be your monthly payment if the interest rate is r% per year, compounded monthly. Interpret the equations (a) P(6) = 1199.10 and (b) P'(6) = 128.58. (a) Interpret P(6) = 1199.10. Select the correct answer below. O A. If the interest rate on the mortgage is 7%, the monthly payment will be $128.58. OB. If the interest rate on the mortgage is 6%, the monthly payment will be $128.58. O C. If the interest rate on the mortgage is 7%, the monthly payment will be $1199.10. OD. If the interest rate on the mortgage is 6%, the monthly payment will be $1199.10. (b) Interpret P (6) = 128.58. Select the correct answer below. O A. If the interest rate increases from 6% to 7%, the monthly payment will decrease by approximately $128.58. OB. If the interest rate decreases from 7% to 6%, the monthly payment will increase by approximately $1199.10. O C. If the interest rate decreases from 7% to 6%, the monthly payment will be approximately $1199.10. OD. If the interest rate increases from 6% to 7%, the monthly payment will increase by approximately $128.58
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