The LTV $($loan$-$to$-$value$)$ ratio has been determined in several studies to be the most determinant factor of the likelihood of $$Strategic Default$.$ This most likely occurs when the LTV ratio:

a$.$

Exceeds $80\%$

b$.$

Exceeds $125\%$

c$.$

Falls below $80\%$

d$.$

Falls below $125\%$

e$.$

None of the above