Real Estate Math
A Michigan buyer's loan-to-value ratio is 80% on a $420,000 purchase. What is the down payment amount?
A$84,000✓ Correct
B$336,000
C$42,000
D$63,000
Explanation
LTV = 80% means loan = 80% of value. Down payment = 20% of $420,000 = $84,000.
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