Real Estate Math
A Maine homebuyer has $50,000 available for a down payment and closing costs. Closing costs are estimated at $6,500. If the sale price is $350,000, what LTV ratio will the buyer achieve?
A87.3%✓ Correct
B88.1%
C89.5%
D90.2%
Explanation
Available for down payment = $50,000 − $6,500 = $43,500. Loan = $350,000 − $43,500 = $306,500.
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