Real Estate Math
A South Carolina property has a market value of $485,000. An appraisal came in at $470,000. The buyer's lender requires 80% LTV. What is the maximum loan amount?
A$376,000✓ Correct
B$388,000
C$380,000
D$392,000
Explanation
LTV is based on the lesser of appraised value or purchase price. Lesser = $470,000. Maximum loan = $470,000 × 80% = $376,000.
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