Mathematics · Commercial Mathematics
A bank is evaluating a high-value proposal for a duplex apartment on the 42nd floor in South Mumbai. The property has a total carpet area of 4,500 square feet. A recent transaction for a similar duplex on the 40th floor established a base rate of 40,000 per sq. ft. Due to the higher floor and a direct sea view, a 10% premium is applicable to the base rate. Additionally, the property includes four dedicated parking slots valued at 15,00,000 each. Calculate the Fair Market Value (inclusive of parking) and the maximum loan amount the bank can grant if the Loan-to-Value (LTV) ratio is capped at 75%.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Fair Market Value: 15,00,00,000; Maximum Loan: 11,25,00,000
- 2Fair Market Value: 18,00,00,000; Maximum Loan: 13,50,00,000
- 3Fair Market Value: 20,40,00,000; Maximum Loan: 15,30,00,000✓
- 4Fair Market Value: 19,80,00,000; Maximum Loan: 14,85,00,000
Correct answer
Fair Market Value: 20,40,00,000; Maximum Loan: 15,30,00,000
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