Immoderate Bank granted a loan to a borrower on January 1, 2015. The interest on the loan is 10% payable annually starting December 31, 2015. The loan matures in 3 years on December 31, 2017.

Principal amount 5,000,000

Direct origination cost incurred 100,000

Indirect origination cost incurred 50,000

Origination fee charged against the borrower 340,000

After considering the origination fee charged against the borrower and the direct origination cost incurred, the effective interest rate on the loan is 12%.

What is the carrying amount of the loan receivable on January 1, 2015?