Finance
What is the loan-to-value (LTV) ratio of a property appraised at $200,000 with a $160,000 mortgage?
A70%
B75%
C80%✓ Correct
D85%
Explanation
LTV = Loan ÷ Value × 100 = $160,000 ÷ $200,000 × 100 = 80%. An 80% LTV typically avoids the requirement for private mortgage insurance (PMI).
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