You plan to take out a 30 year fixed rate mortgage for 125 000 Let P r be your monthly payment if the interest rate is 1 per year compounded monthly Interpret the equations a P 7 831 63 and 0 P 7 83 95 a Interpret P 7 831 63 Select the correct answer below A If the interest rate on the mortgage is 8 the monthly payment will be 831 63 B If the interest rate on the mortgage is 7 the monthly payment will be 83 95 C If the interest rate on the mortgage is 8 the monthly payment will be 83 95 D If the interest rate on the mortgage is 7 the monthly payment will be 831 63 b Interpret P 7 83 95 Select the correct answer below A If the interest rate increases from 7 to 8 the monthly payment will increase by approximately 83 95 B If the interest rate decreases from 8 to 7 the monthly payment will increase by approximately 831 63 OC If the interest rate increases from 7 to 8 the monthly payment will decrease by approximately 83 95 OD If the interest rate decreases from 8 to 7 the monthly payment will be approximately 831 63 O