Real Estate Math
A Maine home was purchased for $220,000 and the buyer obtains an 80% LTV mortgage. If the interest rate is 6% and the loan is fully amortized in 30 years, the loan amount is:
A$165,000
B$176,000✓ Correct
C$186,000
D$200,000
Explanation
Loan amount = $220,000 × 80% = $176,000. To solve this, multiply the relevant values: $220,000 at 80%.. The correct answer is $176,000.. This is a common calculation on the Maine real estate exam.
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