Current Attempt in Progress

On December $31,2025,$ Concord Company signed a $$1,101,300$ note to Marigold Bank. The market interest rate at that time

was $11\%.$ The stated interest rate on the note was $9\%,$ payable annually. The note matures in $5$ years. Unfortunately, because of lower

sales, Concord's financial situation worsened. On December $31,2027,$ Marigold Bank determined that it was probable that the

company would pay back only $$660,780$ of the principal at maturity. However, it was considered likely that interest would continue to

be paid, based on the $$1,101,300$ loan.

$($a$)$

Determine the amount of cash Concord 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$.5,275.)$

Amount of cash Concord received from the loan