Real Estate Math
A Hawaii property was appraised at $950,000. The lender approves 80% LTV. The purchase price is $980,000. What is the maximum loan amount?
AA. $784,000
BB. $760,000✓ Correct
CC. $798,000
DD. $785,000
Explanation
Lender uses the lower of purchase price or appraised value = $950,000. Maximum loan = $950,000 × 0.80 = $760,000.
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