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Sheridan Service has a line of credit loan with the bank. The initial loan balance was $9000.00. Payments of $3500.00 and$4000.00 were made after five
Sheridan Service has a line of credit loan with the bank. The initial loan balance was $9000.00. Payments of $3500.00 and$4000.00 were made after five months and nine months respectively. At the end of one year, Sheridan Service borrowed an additional $5000.00. Nine 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 monthly?
The amount of the loan is $?
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