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Determine the amount of cash Nash received

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Question - On December 31, 2020, Nash Company signed a $1,056,300 note to Crane 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, Nash's financial situation worsened. On December 31, 2022, Crane Bank determined that it was probable that the company would pay back only $633,780 of the principal at maturity. However, it was considered likely that interest would continue to be paid, based on the $1,056,300 loan.

Required - Determine the amount of cash Nash received from the loan on December 31, 2020.

Reference no: EM132686564

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