Sheridan Service has a line of credit loan with the bank. The initial loan balance was $6000.00 Payments of $2000.00 and $3000.00 were made after three months and eight months respectively. At the end of one year, Sheridan Service bonowed an additional $3500.00 Six months later, the line of credit loan was converted into a collateral mortgage loan What was the amount of the mortgage oan if the line of credit interest was 0% compounded monthly? The amount of the loan is s 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 $6000.00 Payments of $2000.00 and $3000.00 were made after three months and eight months respectively. At the end of one year, Sheridan Service bonowed an additional $3500.00 Six months later, the line of credit loan was converted into a collateral mortgage loan What was the amount of the mortgage oan if the line of credit interest was 0% compounded monthly? The amount of the loan is s Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Sheridan Service has a line of credit loan with the bank The initial loan balance was $6000.00 Payments of $2000.00 and $3000.00 were made after three months and eight months respectively. Al
the end of one year, Sheridan Service bonowed an additional $3500.00 Six months later, the line of credit loan was converted into a collateral mortgage loan What was the amount of the mortgage
oan if the line of credit interest was 0% compounded monthly?
The amount of the loan is
Round the final anewer to the nearest cent as needed. Round all intermediate values to six decimal places as needed)

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