A house sold for $500,000 in 2006 to a buyer who put down 10% on the purchase. Over the next two years the buyer made progress on the principal via scheduled payments and small prepayments, bringing the balance down to $440,000. The LTV rose to 1.2 in 2008. Was the market value of the house above $500,000 in 2008? (Please Show your Work Using Excel)