Question: Johnson's Garden Centre has recently been unprofitable and concludes that it cannot make two debt payments of $ 4 , 5 0 0 due today

Johnson's Garden Centre has recently been unprofitable and concludes that it cannot make two debt payments of $

4, 500

due today and another $

6, 300

due in three months. After discussions between Johnson's Garden Centre and its creditor, the two parties agree that both payments could be made nine months from today, with interest at

8.5 %

compounded monthly. What total payment does Johnson's Garden Centre need nine months from now to clear its debt?

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