The monthly mortgage payment on your house is $586.70. It is a 30 year mortgage at a quoted rate of 7.8%. How much did you borrow?

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The correct answer is D.The monthly mortgage payment can be calculated using the formula:M = P * (r * (1 + r)^n) / ((1 + r)^n - 1)where:M is the monthly mortgage paymentP is the principal (the amount borrowed)r is the monthly interest rate (the quoted rate divided by 12)n is the number of months in the loan termIn this case, we have:M = $586.70r = 7.8% / 12 = 0.0065n = 30 * 12 = 360Substituting these values into the formula, we get:$586.70 = P * (0.0065 * (1 + 0.0065)^360) / ((1 + 0.0065)^360 - 1)Solving for P, we get:P = $81,500Therefore, the amount borrowed is $81,500.

The Monthly Mortgage Payment on Your House Is $586