Sheridan Service has a line of credit loan with the bank. The initial loan balance...
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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 $4000.00 were made after three months and eight months respectively. At the end of one year, Sheridan Service borrowed an additional $4500.00. Eleven 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 5% compounded monthly?
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