A buyer has a $32,300 cash down payment. The sales price of the property is $161,500, so the buyer is looking for a mortgage of $129,200. The property was appraised at $159,500, and the lender requires an 80% loan-to-value ratio. What is the loan-to-value ratio (LTV) for this transaction?

a) 78%

b) 80%

c) 81%

d) 90$