Real Estate Math
A borrower in Alaska has a $175,000 mortgage. After 1 year of making monthly payments, the principal balance has decreased by $3,600. The LTV ratio on a property now worth $225,000 is:
A75.7%
B76.5%
C76.7%✓ Correct
D77.8%
Explanation
Current balance = $175,000 − $3,600 = $171,400. LTV = $171,400 ÷ $225,000 = 0.
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