Sean has 4 separate loans borrowed from his dad on September 1 of each of four successive years for college expenses in the amounts of $4,000, $1,000, $3,000, and $2,000. Sean and his Dad agreed to a loan rate of 4.0% compounded monthly. It is now 4 years year after the fourth loan with his father and Sean wants to pay off all four separate loans with a single payment. How much does Sean owe?
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