Answer:
The amount borrowed is $82,500
Explanation:
The computation of the amount borrowed is shown below:
But before that we do the following calculations
Total Periods is
= 30 × 12
= 360
Interest Rate = 7.8% ÷ 12 = 0.65%
Now
Amount Borrowed is
= $593.90 × (PVA $1 for 360 Periods at 0.65%)
= $593.90 × (138.913874 )
= $82,500
Hence the amount borrowed is $82,500
