Real Estate Math

A West Virginia buyer qualifies for a $180,000 loan. If the maximum LTV is 95%, what is the minimum purchase price the buyer must finance at this loan amount?

A$171,000

B$189,474✓ Correct

C$190,000

D$180,000

Explanation

LTV = Loan / Purchase Price. 0.95 = $180,000 / Purchase Price. Purchase Price = $180,000 / 0.95 = $189,474.

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