Real Estate Math
A NJ bank appraises a property at $410,000 for a purchase price of $430,000. The lender loans 80% of the lower of appraised value or purchase price. What is the maximum loan amount?
A$328,000✓ Correct
B$344,000
C$360,000
D$336,000
Explanation
Lender uses the lower value: $410,000 (appraised). Maximum loan = $410,000 × 0.
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