PSI Oklahoma Real Estate Practice Test

Disable ads (and more) with a membership for a one time $2.99 payment

Prepare for the PSI Oklahoma Real Estate Test. Use flashcards and multiple choice questions, each question with hints and explanations. Get ready for your exam!

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!

Practice this question and more.

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.