Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Ontario Real Estate Exam with our comprehensive Humber Course 2 Exam Practice quiz. Engage with multiple choice questions and detailed explanations, designed to help you excel.

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Given the following details on a mortgage: $300,000 mortgage, 25-year amortization at 6.75% interest rate, and weekly mortgage payment factor of 1.577522, what is the weekly mortgage payment?

$1,069.72
$506.25
$473.26
$947.12
$520.33
$857.20

The correct answer is: $473.26

The correct answer is C, $473.26. To calculate the weekly mortgage payment, you need to multiply the mortgage amount by the weekly mortgage payment factor. Weekly Mortgage Payment = Mortgage Amount * Weekly Mortgage Payment Factor In this case, the mortgage amount is $300,000 and the weekly mortgage payment factor is 1.577522. Weekly Mortgage Payment = $300,000 * 1.577522 = $473.26 Therefore, the weekly mortgage payment for this mortgage would be $473.26. The other options are incorrect because they do not match the correct calculation based on the given mortgage details.