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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If a bi-weekly mortgage payment factor is 3.154884, what is the bi-weekly payment for a $412,000 mortgage with a 20-year amortization and 5.5% interest rate?

$1,159.27
$1,299.81
$1,545.59
$2,599.62
$1,200.00
$1,750.45

The correct answer is: $1,299.81

The correct answer is B. In order to calculate the bi-weekly mortgage payment, you need to multiply the mortgage amount by the bi-weekly payment factor. Given: Mortgage Amount: $412,000 Bi-weekly Mortgage Payment Factor: 3.154884 Bi-weekly Payment = Mortgage Amount × Bi-weekly Payment Factor Bi-weekly Payment = $412,000 × 3.154884 Bi-weekly Payment = $1,299.81 Therefore, the bi-weekly payment for a $412,000 mortgage with a 20-year amortization and 5.5% interest rate is $1,299.81.