Real Estate Math
A South Carolina home is appraised at $315,000. The buyer makes a 20% down payment. What is the LTV on the resulting mortgage?
A20%
B75%
C80%✓ Correct
D85%
Explanation
Down payment = $315,000 × 20% = $63,000. Loan = $315,000 − $63,000 = $252,000. LTV = $252,000 ÷ $315,000 = 80%.
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