You have a line of credit loan with the Bank of Hong Kong. The initial loan balance was $7000.00. Payments of $3000.00 and $2500.00 were made after four months and ten months respectively. At the end of one year, you borrowed an additional $4250.00. Seven months later, the line of credit loan was converted into a collateral mortgage loan. What was the amount of the mortgage if the line of credit interest was 8.52% compounded monthly?

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The Answer of You have a line of credit loan with the Bank of Hong Kong. The initial loan balance was $7000.00. Payments of $3000.00 and $2500.00 were made after four months and ten months respectively. At the end of one year, you borrowed an additional $4250.00. Seven months later, the line of credit loan was converted into a collateral mortgage loan. What was the amount of the mortgage if the line of credit interest was 8.52% compounded monthly?

You Have a Line of Credit Loan with the Bank