Finance
A Michigan buyer's loan-to-value ratio (LTV) of 80% on a $300,000 purchase means the loan amount is:
A$60,000
B$240,000✓ Correct
C$270,000
D$300,000
Explanation
LTV = Loan ÷ Value. 80% × $300,000 = $240,000 loan. The buyer's down payment would be 20% × $300,000 = $60,000.
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