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You plan to take out a 30-year fixed rate mortgage for $250,000. Let P(r} be your monthly payment if the interest rate is r‘l-Ia per year, compounded monthly

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You plan to take out a 30-year fixed rate mortgage for $250,000. Let P(r} be your monthly payment if the interest rate is r‘l-Ia per year, compounded monthly. Interpret the
equations {a} Pt?) = 1666.26 and {b} 617) =16?.90. {a} Interpret Pt?) = 1663.26. Select the correct answer below. 0 A. If the interest rate on the mortgage is 8%, the monthly payment will be $16?.90.
C) B. If the interest rate on the mortgage is 8%, the monthly payment will be $1663.26.
0 C. If the interest rate on the mortgage is ‘f‘iia, the monthly payment will be $16190.
@ D. If the interest rate on the mortgage is ‘f‘iia, the monthly payment will be $1663.26. to} Interpret P’U} = 16190. Select the correct answer below. 0 A. If the interest rate increases from ?% to 8%. the monthly payment will decrease by approximately 516190.
0 B. If the interest rate increases from ?% to 8%. the monthly payment will increase by approximately 516190.
0 C. If the interest rate decreases from 3% to 1’96, the monthly payment will increase by approximately $1663.26.
0 D. If the interest rate decreases from 3% to 1’96, the monthly payment will be approximately $1663.26.

 
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