AINT NO MOUNTAIN HIGH ENOUGH has a note receivable from CLIMB EVERY MOUNTAIN (CEM). CEM is experiencing a great financial crisis and has negotiated for a restructuring of its note with face amount of 800,000, and accrued interest of 88,000, based on interest rate of 11%. The note is due today. CEM asked that the principal and accrued interest be paid one-time after two years. Only 2% interest will be collected yearly moving forward. An allowance for bad debts of 20,000 relates to this note.

How much is the discount on the restructured note receivable?