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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What is the monthly mortgage payment for a $230,000 mortgage at 5.5% with a 20-year amortization if the monthly payment factor is 6.843913?

$1,054.17
$1,574.10
$786.16
$1,261.40
$1,845.23
$2,150.30

The correct answer is: $1,574.10

The correct answer is B. $1,574.10. To calculate the monthly mortgage payment, you would multiply the mortgage amount by the monthly payment factor. In this case, the mortgage amount is $230,000 and the monthly payment factor is 6.843913. Therefore, $230,000 x 6.843913 = $1,574.10 monthly mortgage payment. This calculation ensures that buyers and real estate professionals have a clear understanding of the financial commitment required for a particular mortgage amount at a specific interest rate and amortization period.