Finance
An Iowa buyer is purchasing a $350,000 home with 20% down. What is the LTV ratio on their mortgage?
A70%
B75%
C80%✓ Correct
D85%
Explanation
Down payment = $350,000 × 20% = $70,000. Loan amount = $280,000. LTV = $280,000 ÷ $350,000 = 0.80 = 80%.
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