Finance
A Hawaii buyer is purchasing a condominium for $400,000 with a 20% down payment. What is the loan amount?
AA. $80,000
BB. $280,000
CC. $320,000✓ Correct
DD. $360,000
Explanation
20% of $400,000 = $80,000 down payment. $400,000 - $80,000 = $320,000 loan amount.
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Key Terms to Know
Loan-to-Value Ratio (LTV)
The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
Pre-ApprovalA lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Math Concepts
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