Real Estate Math
A home is purchased for $320,000 with a 15% down payment. What is the loan amount?
A$272,000✓ Correct
B$280,000
C$48,000
D$260,000
Explanation
Down payment = $320,000 × 15% = $48,000. Loan amount = $320,000 – $48,000 = $272,000. The LTV ratio = $272,000 / $320,000 = 85%.
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