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# Show transcribed image text Sheridan Service has a line of credit loan with the bank The initial loan balance was \$6000 Payments of \$2000 and \$3000 months were made after four months and nine months

Show transcribed image text Sheridan Service has a line of credit loan with the bank. The initial loan balance was \$6000.Payments of \$2000 and \$3000 months were made after four months and nine months, respectively. At the end of one year, Sheridan Service borrowed an additional \$4000. Six months later, the line of credit loan was converted into a collateral mortage loan. What was the amount of the mortgage loan if the line of credit interest was 9% compounded monthly? A \$2800 promissory note issued without interest for five years on September 30, 2015, is discounted on July 31, 2018, at 8% compounded quarterly. Find the compound discount. On April 15, 2019, a 10-year note dated June 15, 2014, is discounted at 10% con pounded quarterly. If the face value of the note is \$4000 and interest is 8% compounded quarterly, find the compound discount. A financial agreement requires the payment of \$1200 in 9 months, \$1400 in 18 months, and \$1600 in 30 months. When would an alternative single payment of \$4000 have to be made if money is worth 7% compound e quarterly? LO_23 Compute the effective annual rate of interest for 6% compounded monthly; at which \$1100 will grow to \$2000 in seven years if compounded monthly.

Apr 30 2020 View more View Less