Correct spelling, explanation: exorbitant entered English directly from Latin in the late Middle English. In Latin, the word first had the form exorbitare, but later it evolved to the form we know and use today. The meaning, however, was different as it was going off the track while in modern English exorbitant is an adjective.

Definition of exorbitant:
1. adjective – too large, e.g. costs, prices;
Once he noticed that I’m interested in buying the house, he changed his offer to a ridiculously exorbitant price.

Phrases with exorbitant:
Some typical phrases include exorbitant prices, exorbitant costs, exorbitant requirements.
The resort is luxurious, but they have really exorbitant prices.
The exorbitant costs of the operation made the company go bankrupt.
All the students were afraid of this teacher as she had exorbitant requirements.

Incorrect spelling, explanation: the word exorbitant causes some trouble when it comes to its spelling and the most common mistake is to write with an h letter in the middle, which results in an incorrect form exhorbitant. It’s probably the consequence of the fact that there is another popular English word exhausted, which has a similar pronunciation and it contains the h letter. Exorbitant, however, does not have any h letter.