Calculate the Equivalent Cash Price reflected in the following sale.

The contract sales price is $ 5,200,000.

The deposit, released on exchange of contracts, is 20% of the contract sales price.

The balance is repayable on the following terms:

Interest only mortgage for the first year at 4.0 % per annum (nominal), paid monthly in arrears; THEN a single lump sum payment of $ 2,000,000 at the end of year 1

THEN by a final payment at the end of year 2

The outside ruling interest rate is 5.5 % per annum (nominal) with monthly discounting