Finance
A Wyoming buyer obtains a 30-year, $300,000 mortgage at 7% interest. The approximate monthly principal and interest payment is:
A$1,250
B$1,750
C$1,996✓ Correct
D$2,500
Explanation
Using the mortgage payment formula for a $300,000 loan at 7% for 30 years, the monthly P&I payment is approximately $1,996. This is a standard amortized mortgage calculation.
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