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On December 31,2025, Crane Company signed a $1,067,100 note to Cheyenne Bank. The market interest rate at that time was 11%. The stated interest rate

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On December 31,2025, Crane Company signed a $1,067,100 note to Cheyenne Bank. The market interest rate at that time was 11%. The stated interest rate on the note was 9%, payable annually. The note matures in 5 years. Unfortunately, because of lower sales, Crane's financial situation worsened. On December 31,2027 , Cheyenne Bank determined that it was probable that the company would pay back only $640,260 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,067,100 loan. (a) Your answer is incorrect Determine the amount of cash Crane received from the loan on December 31, 2025. (Round present value foctors to 5 decimal places, e.8. 0.52513 and final answer to 0 decimal places, e.8. 5.275.) Amount of cash Crane received from the loan

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