Humber/Ontario Real Estate Course 2 Exam Practice

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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?

  1. $582.64

  2. $745.31

  3. $1,164.07

  4. $2,331.37

  5. $1,543.92

  6. $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.

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