Finance
A buyer obtains a $250,000 mortgage at 6% annual interest amortized over 30 years. What is the approximate monthly payment (principal and interest)?
A$1,199
B$1,299
C$1,499✓ Correct
D$1,599
Explanation
Using standard amortization tables, a $250,000 loan at 6% for 30 years yields approximately $1,499/month in principal and interest.
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