Finance
A Delaware property is appraised at $310,000. The lender will loan 80% of appraised value. What is the maximum loan amount?
A$62,000
B$248,000✓ Correct
C$258,000
D$310,000
Explanation
Maximum loan = $310,000 × 80% = $310,000 × 0.80 = $248,000. To solve this, multiply the relevant values: $310,000 at 80%.. The correct answer is $248,000.. This is a common calculation on the Delaware real estate exam.
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