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What was the amount of the mortgage loan

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Question - Sheridan Service has a line of credit loan with the bank. The initial loan balance was $9000.00. Payments of ?$3500.00 and ?$4500.00 were made after three months and eight months respectively. At the end of one? year, Sheridan Service borrowed an additional $5000.00. 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 9?% compounded monthly?

Reference no: EM133091180

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