Real Estate Math
A South Carolina home appraised at $350,000 has a loan-to-value (LTV) ratio of 80%. The existing loan balance is $265,000. How much equity does the owner have?
A$85,000✓ Correct
B$280,000
C$70,000
D$65,000
Explanation
Equity = Property Value - Loan Balance = $350,000 - $265,000 = $85,000. The LTV information was provided for context but the equity calculation simply uses current value minus current balance.
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