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 five months and seven months respectively. At the end of one year, Sheridan Service borrowed an additional $4000.00. 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 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 $6000.00. Payments of $2000.00 and $3000.00 were made after five months and seven months respectively. At the end of one year, Sheridan Service borrowed an additional $4000.00. 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 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.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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