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 r% per year, compounded monthly. Interpret the equations P(7) 831.63. and P'(7) = 83.95 Interpret P (7) = 831.63. Select the correct answer below. If the interest rate on the mortgage is 8%, the monthly payment will be $83.95 If the interest rate on the mortgage is 8%, the monthly payment will be $831.63. If the interest rate on the mortgage is 7%, the monthly payment will be $831.63. If the interest rate on the mortgage is 7%, the monthly payment w be $83.95. Interpret P' (7) 83.95. Select the correct answer below If the interest rate increases from 7% to 8%, the monthly payment will decrease by approximately $83.95. If the interest rate decreases from 8% to 7%, the monthly payment will increase by approximately $831.63. If the interest rate increases from 7% to 8%, the monthly payment will increase by approximately $83.95. If the interest rate decreases from 8% to 7%, the monthly payment will be approximately $831.63