Finance
A 'loan-to-value ratio' (LTV) of 80% on a $300,000 North Carolina property means the loan amount is:
A$60,000
B$240,000✓ Correct
C$260,000
D$300,000
Explanation
LTV = loan amount divided by property value. 80% x $300,000 = $240,000 loan amount, meaning the borrower makes a $60,000 (20%) down payment.
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