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Sheridan Service has a line of credit loan with the bank. The initial loan balance was $ 8 0 0 0 . 0 0 .
Sheridan Service has a line of credit loan with the bank. The initial loan balance was $ Payments of $
and $ were made after four months and eight months respectively. At the end of one year, Sheridan Service
borrowed an additional $ Eight months later, the line of credit loan was converted into a collateral mortgage
loan. What was the amount of the mortgage loan if the line of credit interest was compounded monthly?
The amount of the loan is $
Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.
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