Humber/Ontario Real Estate Course 3 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 3 Exam with our comprehensive quiz. Dive into engaging practice questions that will enhance your understanding and readiness for the test. Elevate your confidence and get ready to ace your exam!

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The Malik family calculates their weekly mortgage payment for a $300,000 loan over 25 years at 6.75% interest, with a weekly factor of 1.577522. What is their payment?

$473.26
$506.25
$947.12
$1.069.72
$315.78
$295.35

The correct answer is: $947.12

The Malik family's weekly mortgage payment can be calculated by multiplying the loan amount ($300,000) by the weekly factor (1.577522). This results in a payment of $473,256.60 per week. Therefore, option A and F are incorrect since they are both significantly lower than the calculated amount. Option B is also incorrect since it is only slightly higher than the calculated amount. Option D is incorrect since it is an unrealistic amount for a weekly mortgage payment. Option E is incorrect since it also falls significantly below the calculated amount.