Melissa borrows 17400 dollars from Western Maryland Bank at an effective rate of 8.7 percent, and agrees to make 15 annual payments (the first a year from now) to repay the loan. Immediately after Melissa makes the 9th payment, Western Maryland Bank sells the loan to McDaniel Bank. If Western Maryland Bank's total yield rate (on both the original loan and the sale to McDaniel Bank) is 6.2 percent, how much does McDaniel Bank pay for the loan?
Answer = dollars.