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Fixed rate mortgage

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Reference no: EM131717740

You plan to take out a? 30-year fixed rate mortgage for ?$100,000. Let? P(r) be your monthly payment if the interest rate is? r% per? year, compounded monthly.

Interpret the equation and select the correct answer below:

P′(5)=61.12

 a. If the interest rate decreases from 6?% to 5?%, the monthly payment will increase by approximately ?$536.82.

 b. If the interest rate increases from 5?% to 6?%, the monthly payment will increase by approximately ?$61.12.

 c. If the interest rate increases from 5?% to 6?%, the monthly payment will decrease by approximately ?$61.12.

Reference no: EM131717740

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