Finance
A borrower in Alaska obtains a $300,000 mortgage at 6% interest with a 30-year amortization. The approximate monthly payment for principal and interest is:
A$1,499
B$1,799✓ Correct
C$1,999
D$2,199
Explanation
Using the standard mortgage factor for 6% over 30 years (approximately $5.996 per $1,000 borrowed), a $300,000 loan yields a monthly P&I payment of approximately $300 × $5.996 = $1,799.
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