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  3. you plan to take out a 30 year fixed rate mortgage

You plan to take out a 30 year fixed rate mortgage for 275 000 Let...

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Basic Math

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You plan to take out a 30 year fixed rate mortgage for 275 000 Let P r be your monthly payment if the interest rate is r per year compounded monthly Interpret the equations as P 1648 75 and b P 6 176 80 a Interpret P 6 1648 76 Select the correct answer below A If the interest rate on the mortgage is 7 the monthly payment will be 176 80 B If the interest rate on the mortgage is 6 the monthly payment will be 1648 76 C If the interest rate on the mortgage is 7 the monthly payment will be 1648 76 D If the interest rate on the mortgage is 6 the monthly payment will be 176 80 b Interpret P 6 176 80 Select the correct answer below OA If interest rate decreases from 7 to 6 the monthly payment will be approximately 1648 76 B If the interest rate increases from 6 to 7 the monthly payment will decrease by approximately 176 80 OC If the interest rate decreases from 7 to 6 the monthly payment will increase by approximately 1648 76 OD If the interest rate increases from 6 to 7 the monthly payment will increase by approximately 176 80

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