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You plan to take out a 30-year fixed rate mortgage for $300,000. Let P(r) be your monthly payment if the interest rate is r% per year, compounded monthly. Interpret the equations (a) P(6)=1798.65 and (b) P'(6)= 192.88. (a) Interpret P(6)= 1798.65. Select the correct answer below. OA. If the interest rate on the mortgage is 7%, the monthly payment will be $1798.65. OB. If the interest rate on the mortgage is 6%, the monthly payment will be $1798.65. OC. If the interest rate on the mortgage is 7%, the monthly payment will be $192.88. OD. If the interest rate on the mortgage is 6%, the monthly payment will be $192.88. (b) Interpret P'(6) = 192.88. Select the correct answer below. OA. If the interest rate decreases from 7% to 6%, the monthly payment will increase by approximately $1798.65. OB. If the interest rate increases from 6% to 7%, the monthly payment will decrease by approximately $192.88. OC. If the interest rate decreases from 7% to 6%, the monthly payment will be approximately $1798.65. OD. If the interest rate increases from 6% to 7%, the monthly payment will increase by approximately $192.88.

You plan to take out a 30-year fixed rate mortgage for $300,000. Let P(r) be your monthly payment if the interest rate is r% per year, compounded monthly. Interpret the equations (a) P(6)=1798.65 and (b) P'(6)= 192.88. (a) Interpret P(6)= 1798.65. Select the correct answer below. OA. If the interest rate on the mortgage is 7%, the monthly payment will be $1798.65. OB. If the interest rate on the mortgage is 6%, the monthly payment will be $1798.65. OC. If the interest rate on the mortgage is 7%, the monthly payment will be $192.88. OD. If the interest rate on the mortgage is 6%, the monthly payment will be $192.88. (b) Interpret P'(6) = 192.88. Select the correct answer below. OA. If the interest rate decreases from 7% to 6%, the monthly payment will increase by approximately $1798.65. OB. If the interest rate increases from 6% to 7%, the monthly payment will decrease by approximately $192.88. OC. If the interest rate decreases from 7% to 6%, the monthly payment will be approximately $1798.65. OD. If the interest rate increases from 6% to 7%, the monthly payment will increase by approximately $192.88.

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 66SE: Kyoko has 10,000 that she wants to invest. Her bankhas several investment accounts tochoose from,...
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You plan to take out a 30-year fixed rate mortgage for $300,000. Let P(r) be your monthly payment if the interest rate is r% per year, compounded monthly. Interpret the equations (a) P(6)= 1798.65 and (b) P'(6)=192.88. (a) Interpret P(6)= 1798.65. Select the correct answer below. OA. If the interest rate on the mortgage is 7%, the monthly payment will be $1798.65. B. If the interest rate on the mortgage is 6%, the monthly payment will be $1798.65. OC. If the interest rate on the mortgage is 7%, the monthly payment will be $192.88. OD. If the interest rate on the mortgage is 6%, the monthly payment will be $192.88. (b) Interpret P (6) = 192.88. Select the correct answer below. OA. If the interest rate decreases from 7% to 6%, the monthly payment will increase by approximately $1798.65. OB. If the interest rate increases from 6% to 7%, the monthly payment will decrease by approximately $192.88. OC. If the interest rate decreases from 7% to 6%, the monthly payment will be approximately $1798.65. OD. If the interest rate increases from 6% to 7%, the monthly payment will increase by approximately $192.88.
Transcribed Image Text:You plan to take out a 30-year fixed rate mortgage for $300,000. Let P(r) be your monthly payment if the interest rate is r% per year, compounded monthly. Interpret the equations (a) P(6)= 1798.65 and (b) P'(6)=192.88. (a) Interpret P(6)= 1798.65. Select the correct answer below. OA. If the interest rate on the mortgage is 7%, the monthly payment will be $1798.65. B. If the interest rate on the mortgage is 6%, the monthly payment will be $1798.65. OC. If the interest rate on the mortgage is 7%, the monthly payment will be $192.88. OD. If the interest rate on the mortgage is 6%, the monthly payment will be $192.88. (b) Interpret P (6) = 192.88. Select the correct answer below. OA. If the interest rate decreases from 7% to 6%, the monthly payment will increase by approximately $1798.65. OB. If the interest rate increases from 6% to 7%, the monthly payment will decrease by approximately $192.88. OC. If the interest rate decreases from 7% to 6%, the monthly payment will be approximately $1798.65. OD. If the interest rate increases from 6% to 7%, the monthly payment will increase by approximately $192.88.
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