Real Estate Math
A property sold for $340,000. The buyer made a 15% down payment. What is the LTV ratio on the mortgage?
A15%
B75%
C85%✓ Correct
D90%
Explanation
Down payment = $340,000 × 15% = $51,000. Loan amount = $340,000 - $51,000 = $289,000.
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