In the simplest terms, a transformer and a load consist of the transformer resistance, and the transformer inductive reactance and the load and the load reactance.
The voltage drop depends on all of these factors.
Additional comments;
Load power factor, depends on the load resistance and load reactance.
Transformer impedance, depends on transformer resistance and transformer reactance.
You have a series circuit with transformer resistance and reactance and load resistance and possibly load reactance.
Assuming an infinite source, these values along with the source voltage determmine the other values.
Bill
--------------------
"Why not the best?"
Jimmy Carter