On December 31, 2020, Monty Company signed a $1,049,400 note to Flounder Bank. The market interest rate at that time was 10%. The stated interest rate on the note was 8%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Monty's financial situation worsened. On December 31, 2022, Flounder Bank determined that it was probable that the company would pay back only $629,640 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,049,400 loan. (a) Your answer is incorrect. Determine the amount of cash Monty received from the loan on December 31, 2020. (Round present value factors to 5 decimal places, eg: 0.52513 and final answer to O decimal places, eg. 5,275.) Amount of cash Monty received from the loan