Humber/Ontario Real Estate Course 4 Exam 2025 – 400 Free Practice Questions to Pass the Exam

Question: 1 / 1255

If the 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 a 5.5% interest rate?

$1,159.27

$1,299.81

To determine the bi-weekly payment for a $412,000 mortgage using the provided mortgage payment factor, you multiply the mortgage amount by the bi-weekly payment factor. The bi-weekly mortgage payment factor of 3.154884 indicates how much a borrower must pay for every $1,000 borrowed.

The calculation is done as follows:

1. First, divide the mortgage amount by 1,000 to get the number of thousands:

\[

412,000 / 1,000 = 412

\]

2. Then, multiply this number by the bi-weekly payment factor:

\[

412 \times 3.154884 = 1,299.81

\]

This calculation yields a bi-weekly payment of $1,299.81, affirming that this is indeed the correct amount that needs to be paid bi-weekly on a $412,000 mortgage with the specified terms.

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$1,545.59

$2,599.62

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