PSI Oklahoma Real Estate Practice Test

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Prepare for the PSI Oklahoma Real Estate Test with flashcards and multiple choice questions, all equipped with hints and explanations. Master the material and pass your exam confidently!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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What is the upcoming mortgage balance if the friend has a current balance of $150,000 on a loan?

$149,640.83
$150,560.00
$148,000.00
$151,250.00

The correct answer is: $149,640.83

The upcoming mortgage balance is determined by factors such as payments made, interest rates, and the loan's amortization schedule. If the current balance is $150,000 and the next payment includes not just any principal repayments but also interest, the calculated upcoming balance would reflect a slight decrease in the total debt owed, considering any regular payment has been made. In this instance, if the correct answer is $149,640.83, it suggests that the borrower has made a payment on the principal, which has reduced the balance due. This balance indicates a small reduction reflective of the regular payment structure of amortized loans, where a portion of each payment reduces the principal, leading to a new outstanding balance that is just below the previous one. The other answers present balances that either indicate an increase or a more significant decrease than what would typically result from a standard mortgage payment, which is unlikely under normal circumstances. This discrepancy confirms that the correct upcoming balance is indeed the one reflecting a minor reduction from the current amount owed, aligning with realistic loan repayment practices.