Real Estate Math
A Maine property sold for $265,000. The buyer paid 10% down and financed the remainder. What was the loan-to-value ratio?
A10%
B90%✓ Correct
C80%
D75%
Explanation
Loan-to-value ratio = Loan amount / Property value = ($265,000 x 90%) / $265,000 = 90%. To solve this, multiply the relevant values: $265,000 at 10%..
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