Question
Yi-Fang is the store owner of a franchise. In flipping through her records, she notices the following debts to the same supplier: $2,389.56 due eight
Yi-Fang is the store owner of a franchise. In flipping through her records, she notices the following debts to the same supplier: $2,389.56 due eight months ago, $3,478.34 due six months ago, $1,694.32 due four months ago, $6,497.98 due two months ago, $4,611.03 due today, $5,784.39 due in two months, and $5,177.44 due in four months. She would like to clear all of these debts with a single payment next month. If the supplier charges 18.1% compounded monthly on overdue balances and provides a credit of 9% compounded monthly on early payments, calculate the amount of the payment.
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