Real Estate Math
A buyer makes a 15% down payment on a $280,000 home. What is the loan amount and what is the LTV ratio?
ALoan: $238,000; LTV: 85%✓ Correct
BLoan: $245,000; LTV: 87.5%
CLoan: $252,000; LTV: 90%
DLoan: $224,000; LTV: 80%
Explanation
Down payment: $280,000 × 0.15 = $42,000.
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