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 $6000.00. Payments of $2000.00 and $3000.00 were made after five months and six months respectively. At the end of one year, Sheridan Service borrowed an additional $3500.00. Ten 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 %7 compounded monthly
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