Suppose You Plan to Put a 20% Down Payment on a House

question 2

Multiple Choice

Suppose you plan to put a 20% down payment on a house and obtain a mortgage loan that is less than the size limit on conforming loans ($417,000) to finance the remainder of the purchase. Based on your understanding of the loan-to-value ratio, what is the maximum price that you could pay for a home with these restrictions in mind?

• A) $333,600
• B) $500,400
• C) $521,250
• D) $2,085,000

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