Real Estate Math
A NC home is appraised at $350,000. The buyer obtains an 80% LTV conventional loan. The down payment and loan amount are:
A$280,000✓ Correct
B$35,000 down; $315,000 loan
C$52,500 down; $297,500 loan
D$28,000 down; $322,000 loan
Explanation
Down payment = $350,000 x 0.20 = $70,000.
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