Real Estate Math
An Arizona property has a 90% LTV loan of $315,000. What was the purchase price?
A$340,000
B$350,000✓ Correct
C$360,000
D$330,000
Explanation
LTV = Loan ÷ Purchase Price. 0.90 = $315,000 ÷ Price. Price = $315,000 ÷ 0.90 = $350,000. To solve this, multiply the relevant values: $315,000 at 90%.. The correct answer is $350,000.. This is a common calculation on the Arizona real estate exam.
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