Finance
A Kentucky homeowner has a $200,000 mortgage balance and their home is appraised at $240,000. What is their loan-to-value ratio?
A80.3%
B83.3%✓ Correct
C75%
D20%
Explanation
LTV = Loan balance / Appraised value = $200,000 / $240,000 = 0.8333 = 83.
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