Kate and bill secured a loan with a 75% loan-to-value ratio. the interest rate was 7.125% and the term was for 30 years. the first month's interest payment was $477.82. what was the appraised value of the property? a) $103,700b) $80,475c) $107,300d) $79,239

Option c.

Step-by-step explanation:

We know that the first month's interest payment was $477.82, therefore, we can calculate the Annual interest multiplying this first month's interest payment by 12:

Dividing it by the interest rate (Remember that ), we get:

Finally, since Kate and Bill secured a loan with a 75% loan-to-value ratio, we get:

step-by-step explanation:

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