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Sheridan Service has a line of credit loan with the bank. The initial loan balance was $700000 Payments of $2500 00 and 3500 00 were made after five months and nine months respectively At the end of one year, Sheridan Service borrowed an additional $1000.00. Eleven months later, the line of credit loan was converted into a collateral mortgage loan What was the amount of the mortgage loan it the line of credit interest was 7% compounded monthly The amount of the loan is $ (Round the final answer to the nearest cent as needed. Round all intermediate values to sex decimal places as needed) PS TE