Real Estate Math
A Mississippi property sells for $185,000. The buyer obtains an 80% LTV conventional loan. The down payment required is:
A$18,500
B$37,000✓ Correct
C$27,750
D$14,800
Explanation
Loan amount = $185,000 × 0.80 = $148,000. Down payment = $185,000 - $148,000 = $37,000. An 80% LTV loan means the loan covers 80% of the purchase price, so the buyer must provide the remaining 20% as a down payment.
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