Finance
A Connecticut homeowner's property is worth $500,000 and their mortgage balance is $320,000. What is the loan-to-value (LTV) ratio?
A56%
B60%
C64%✓ Correct
D68%
Explanation
LTV = Loan balance ÷ Property value = $320,000 ÷ $500,000 = 0.64 = 64%.
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