Real Estate Math
A property worth $425,000 has an 80% first mortgage and an 85% combined LTV with a second mortgage. What is the second mortgage amount?
A$21,250✓ Correct
B$21,000
C$34,000
D$17,000
Explanation
First mortgage = 80% × $425,000 = $340,000. Combined LTV at 85% = 85% × $425,000 = $361,250.
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