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

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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