Finance
A NH homeowner with a $280,000 balance on their mortgage wants to take out a $40,000 home equity line of credit (HELOC). The home is worth $380,000. What is the combined LTV after the HELOC?
A73.7%
B84.2%✓ Correct
C89.5%
D78.9%
Explanation
Combined loan balance = $280,000 + $40,000 = $320,000. Combined LTV = $320,000 / $380,000 = 84.
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