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.)
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 17P
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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 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.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8d564763-0f3f-4ef3-a83f-98517b60c1dc%2Ff51bd714-b3bd-49d9-b4f2-a864a20a473b%2Ffv2yc0p_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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.)
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