You plan to take out a 30-year fixed rate mortgage for $275,000. Let P(r) be your monthly payment if the interest rate is r% per year, compounded monthly Interpret the equations (as P-1648 75 and b P(6) 176.80 (a) Interpret P(6) 1648.76. Select the correct answer below. A. If the interest rate on the mortgage is 7%, the monthly payment will be $176.80 B. If the interest rate on the mortgage is 6%, the monthly payment will be $1648.76. C. If the interest rate on the mortgage is 7%, the monthly payment will be $1648.76. D. If the interest rate on the mortgage is 6%, the monthly payment will be $176.80. (b) Interpret P(6)=176.80. Select the correct answer below. A. If the interest rate decreases from 7% to 6%, the monthly payment will be approximately $1648.76. OB. If the interest rate increases from 6% to 7%, the monthly payment will decrease by approximately $176.80. C. If the interest rate decreases from 7% to 6%, the monthly payment will increase by approximately $1648.76. D. If the interest rate increases from 6% to 7%, the monthly payment will increase by approximately $176.80.