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 four months and seven 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 6% 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.)

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 four months and seven 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 6% 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.)

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter19: Lease And Intermediate-term Financing

Section: Chapter Questions

Problem 17P

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