Current Attempt in Progress

On December $31,2020,$ Pina Company signed a $$1,184,400$ note to Grouper Bank. The market interest rate at that time was $11\%.$ The stated interest rate on the note was $9\%,$ payable annually. The note matures in $5$ years. Unfortunately, because of lower sales, Pina's financial situation worsened. On December $31,2022,$ Grouper Bank determined that it was probable that the company would pay back only $$710,640$ of the principal at maturity. However, it was considered likely that interest would continue to be paid, based onthe $$1,184,400$ loan.

$($a$)$

Determine the amount of cash Pina received from the loan on December $31,2020.($Round present value factors to $5$ decimal places, e$\mathrm{.}8.0\mathrm{.}52513$ and final answer to $0$ decimal places, e$.$g$.5,275.).$

Amount of cash Pina received from the loan $