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andhill Co. issues a 12%, 4-year mortgage note on January 1, 2022, to obtain financing for...

andhill Co. issues a 12%, 4-year mortgage note on January 1, 2022, to obtain financing for new equipment. Land is used as collateral for the note. The terms provide for semiannual installment payments of $48,000.

Click here to view the factor table.

(For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

What are the cash proceeds received from the issuance of the note? (Round answer to 2 decimal places, e.g. 25.25.)

Sandhill Co. should receive

$enter a dollar amount to be received rounded to 2 decimal places

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