Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 2 Exam with our comprehensive quiz that covers essential concepts and topics. Enhance your understanding with multiple choice questions designed to test your knowledge and boost your confidence before the exam.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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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.