Humber/Ontario Real Estate Course 2 Exam Practice 2025 - Free Real Estate Practice Questions and Study Guide

Question: 1 / 1300

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

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.

Get further explanation with Examzify DeepDiveBeta

$786.16

$1,261.40

$1,845.23

$2,150.30

Next Question

Report this question

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy