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Never knew they cost that much. I was thinking maybe $300 would be an entry price for the hobby.
"entry-level" means a lot in the world of biking. My first mountain bike was about $750 (that was maybe 6 years ago) and even that wasn't the cheapest option I could have gotten. It was something in the Trek Marlin line
You might be able to find something new for around $350, but definitely do not go with Schwinn at that price point and expect to do actual mountain biking in mountains. You will break the bike and probably yourself in the process.
You can probably get away with gentler off-road riding on a Walmart bike (minimal dropping, jumping, steep descents, and rocky terrain) until you decide to upgrade though. And of course there's always the used market!