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 semi-monthly mortgage payment for a $265,000 mortgage at 6.75% with a 15-year amortization, and a semi-monthly factor of 4.392721?

$582.64
$745.31
$1,164.07
$2,331.37
$1,543.92
$978.20

The correct answer is: $1,164.07

The correct semi-monthly mortgage payment for a $265,000 mortgage at 6.75% with a 15-year amortization can be calculated using the formula: Semi-Monthly Payment = Mortgage Amount / Semi-Monthly Factor Substitute the given values: Semi-Monthly Payment = $265,000 / 4.392721 Semi-Monthly Payment ≈ $60,325.72 Hence, the correct answer is $1,164.07 (Option C). This option represents the accurate semi-monthly mortgage payment based on the provided information.