Sandhill Co. issues a 5-year, 8% mortgage note on January 1, 2020, to obtain financing for new equipment. The terms provide for semi-annual instalment payments of $112,950. What were the cash proceeds received from the issue of the note? (For calculation purposes, use 5 decimal places as displayed in the factor table provided. Round final answer to 2 decimal places, eg. 5,275.25.) Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Cash proceeds $ $