Real Estate Math
A Missouri home appraises for $295,000. The lender requires 80% LTV. The buyer has $60,000 for a down payment. What is the maximum loan?
A$235,000
B$236,000✓ Correct
C$295,000
D$240,000
Explanation
Maximum loan at 80% LTV = $295,000 × 80% = $236,000. The buyer's $60,000 down exceeds the required 20% ($59,000), so the LTV cap allows $236,000.
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