Real Estate Math
A Utah home was purchased for $310,000. The buyer put 10% down and got a 30-year loan. If the property appreciates to $380,000 in 3 years, what is the buyer's approximate LTV ratio?
A73%
B79%✓ Correct
C82%
D88%
Explanation
Original loan = $310,000 × 90% = $279,000. After 3 years, balance is slightly less but approximately $273,000 (minimal paydown).
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