Business, 20.01.2020 21:31 laurydamas2002

You plan to take out a 30-year fixed rate mortgage for $225.000. let p(r) be your monthly payment if the interest rate is r% per year, compounded monthly. interpret the equations (a) p(4)=1074.18 and (b) p(4)= 129.72.

(a) interpret p(4) 1074.18. select the correct answer below.

a. if the interest rate on the mortgage is 4%, the monthly payment will be $129.72.
b. if the interest rate on the mortgage is 4%, the monthly payment will be $1074.18.
c. if the interest rate on the mortgage is 5%, the monthly payment will be $1074.18.
d. if the interest rate on the mortgage is 5%, the monthly payment will be $129.72.

(b) interpret p(4) 129.72. select the correct answer below.

a. if the interest rate increases from 4% to 5%, the monthly payment will increase by approximately $129.72.
b. if the interest rate decreases from 5% to 4%, the monthly payment will be approximately $1074.18.
c. if the interest rate decreases from 5% to 4%, the monthly payment will increase by approximately $1074.18.
d. if the interest rate increases from 4% to 5%, the monthly payment will decrease by approximately $129.72.

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