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13 November, 09:08

Blain is buying a home for / $325,000. t His interest rate on the loan will be 3.6 for 30 years. He will have a down payment of $15,000. What is the LTV on the loan

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  1. 13 November, 12:26
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    95.38%

    Explanation:

    The loan-to-value ratio compares the mortgage amount to the value of the home purchased using the mortgage loan.

    Mortgage amount=purchase price of the home-down payment

    purchase price is $325,000

    down payment is $15,000

    mortgage amount=$325,000-$15,000=$310,000

    loan-to-value ratio=mortgage amount/home value=$310,000/$325,000=95.38%

    The LTV rounded to two decimal places is 95.38%

    This implies that 95% of the home value is financed by mortgage while 5% was financed by the home owner
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Home » Business » Blain is buying a home for / $325,000. t His interest rate on the loan will be 3.6 for 30 years. He will have a down payment of $15,000. What is the LTV on the loan
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