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What is loan amount for loan-to-value ratio

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Reference no: EM132773833

Problem 1: You bought a house with price of $500,000. Your LTV (loan-to-value ratio) is 80%. You choose the 30-year mortgage with interest rate 5%. Assuming the total transaction cost is $5,000. What is your loan amount?

Select one:

a. $400,000
b. $450,000
c. $500,000
d. $300,000

Reference no: EM132773833

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