Finance
A Mississippi buyer obtains a 30-year fixed-rate mortgage for $200,000 at 7%. The monthly principal and interest payment (using standard amortization) is approximately:
A$1,100
B$1,330✓ Correct
C$1,500
D$900
Explanation
At 7% for 30 years, the monthly P&I payment on a $200,000 loan is approximately $1,330.60. The mortgage factor at 7%/30yr is approximately $6.65 per $1,000.
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