Real Estate Math
A Pittsburgh investor buys a $500,000 property with 30% down and finances the rest at 5.5% for 30 years. What is the loan amount?
A$150,000
B$350,000✓ Correct
C$325,000
D$400,000
Explanation
Down payment = $500,000 × 30% = $150,000. Loan amount = $500,000 − $150,000 = $350,000. With a 30% down payment, the LTV is 70% ($350,000 ÷ $500,000). Investment property loans typically require 20–30% down payment.
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