Real Estate Math
A Florida property costs $320,000. The buyer puts 20% down and obtains an 80% LTV mortgage. What is the loan amount?
A$192,000
B$240,000
C$256,000✓ Correct
D$272,000
Explanation
Loan amount = $320,000 × 80% = $256,000. To solve this, multiply the relevant values: $320,000 at 20%.. The correct answer is $256,000.. This is a common calculation on the Florida real estate exam.
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