Real Estate Math
A South Carolina property was appraised at $445,000. The lender requires an 80% LTV. The purchase price is $450,000. What is the maximum loan amount?
A$356,000✓ Correct
B$360,000
C$372,000
D$400,000
Explanation
LTV is based on the lesser of appraised value or purchase price. Lesser value = $445,000. Maximum loan = $445,000 × 80% = $356,000.
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