In January 20X3, the company issued a $30 million note to a syndicate of banks in connection with a seven-year term loan that bears a fixed 4.25 percent interest rate. The loan is secured by the company's assets and subject to financial and other covenants, including a requirement that the company maintains a total debt ratio not exceeding 1.5:1 (or 1.50).

The company's 6.0 percent serial bonds are currently rated "single A" (Standard & Poors) and "A2" (Moody's Investor Services)

Compute the current fair value of the bank note syndicated in 20X3, showing separately to the nearest whole $US dollar

(1) the present value of the principal (face) amount of the note and

(2) the present value of related interest payments due under the note.