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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
$8000.00.
Payments of
$3000.00
and
$3500.00
were made after
three
months and
nine
months respectively. At the end of one
year, Sheridan Service borrowed an
additional
$4500.00.
Ten
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
7%
compounded
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