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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
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 six months respectively. At the end of one year, Sheridan Service borrowed an additional $5000.00. Six 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?
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