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mars1129 [50]
3 years ago
13

A woman bought a home. The asking price for the home was $585,000; the woman offered $565,000 and the seller accepted. The appra

ised value of the home is $560,000. The woman plans to pay $94,600 in cash and take out a mortgage for the remainder. What is the LTV for this property
Business
1 answer:
omeli [17]3 years ago
7 0

Answer:

The multiple choices are as follows:

A: 82%

B: 83%

C: 84%

D: 85%

The correct option is C,84%

Explanation:

Loan-to-Value ratio(LTV)=loan amount/appraised value of the property

the price paid for the property was $565,000,out of which the buyer paid $94,600 from her pockets and borrowed the remainder,the remainder that was borrowed is computed thus:

amount borrowed=sales value-cash

                            =$565,000-$94,600=$470,400

The appraised value of the property is $560,000

LTV=$470,400/$560,000=0.84

The property loan to value ratio is 84%

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