You plan to take out a30-year fixed rate mortgage for $250,000. LetP(r) be your monthly payment if the interest rate isr% peryear, compounded monthly. Interpret the equations(a) P(3)=1054.01 and(b) P(3)=134.83.

{a} interpret P{3} = 1854.81. Select the correct answer below. 0 A. If The interest rate on The mortgage is 4%, the monthly payment will be $1854.01. CI 13. lithe interest rate on The mortgage is 3%, the monthly payment will be $1854.01. 0 C. If The interest rate on The mortgage is 3%, the monthly payment will be $134.83. If) D. If The interest rate on The mortgage is 4%, the monthly payment will be $134.83. {b} interpret P'{3} = 134.83. Select the correct answer below. {3) A. If The interest rate increases from 3% to 4%. the monthly payment will decrease by approximately $134.83. {3: I3. If The interest rate decreases from 4% to 3%, The monthly payment will increase by approximately $1 [154.81. Cl C. lithe interest rate increases from 3% to 4%. the monthly payment will increase by approximately $134.83. C) D. If The interest rate decreases from 4% to 3%, The monthly payment will be approximately $1 854.81