Current Attempt in Progress

On December $31,2025,$ Novak Company signed a $$1,278,400$ note to Splish Bank. The market interest rate at that time was $10\%.$ Th

stated interest rate on the note was $8\%,$ payable annually. The note matures in $5$ years. Unfortunately, because of lower sales, Novak

financial situation worsened. On December $31,2027,$ Splish Bank determined that it was probable that the company would pay back

only $$767,040$ of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the

$$1,278,400$ loan.

$($a$)$

Determine the amount of cash Novak received from the loan on December $31,2025.($Round present value factors to $5$ decimal

places, e$.$g$.0\mathrm{.}52513$ and final answer to $0$ decimal places, e$.$g$.5,275.)$