Real Estate Math
A South Dakota investor purchased a property for $300,000 with an 80% LTV mortgage. What was the down payment?
A$24,000
B$60,000✓ Correct
C$240,000
D$80,000
Explanation
Loan amount = $300,000 × 80% = $240,000. Down payment = $300,000 − $240,000 = $60,000. To solve this, multiply the relevant values: $300,000 at 80%.. The correct answer is $60,000.. This is a common calculation on the South Dakota real estate exam.
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