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Sheridan Service has a line of credit loan with the bank. The initial loan balance was $ 7 0 0 0 . 0 0 .

Sheridan Service has a line of credit loan with the bank. The initial loan balance was $7000.00. Payments of $2500.00 and $3000.00 were made after four months and nine months respectively. At the end of one year, Sheridan Service borrowed an additional $4000.00. 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 5% compounded monthly?

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