Humber/Ontario Real Estate Course 2 Exam Practice

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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. $1,159.27

  2. $1,299.81

  3. $1,545.59

  4. $2,599.62

  5. $1,200.00

  6. $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.

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