Finance
A Nebraska borrower obtains a 30-year, $250,000 mortgage at 7%. The monthly principal and interest payment is approximately:
A$1,463
B$1,663✓ Correct
C$1,863
D$1,263
Explanation
Using the mortgage payment formula, a $250,000 loan at 7% for 30 years results in a monthly P&I payment of approximately $1,663. This can be calculated using the monthly rate (7%/12 = 0.
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