Hale Corporation Issues an 8%, 9-Year Mortgage Note on January

Multiple Choice

Hale Corporation issues an 8%, 9-year mortgage note on January 1 2014, to obtain financing for new equipment. The terms provide for semiannual installment payments of $32,900. The following values related to the time value of money were available to Hale to help them with their planning process and compounded interest decisions. $\begin{array}{ll}\text { Present value of } 1 \text { for } 9 \text { periods at } 8 \% & 0.50025 \\\text { Present value of } 1 \text { for } 18 \text { periods at } 4 \% & 0.49363 \\\text { Future value of } 1 \text { for } 9 \text { periods at } 8 \% & 1.99900 \\\text { Future value of } 1 \text { for } 18 \text { periods at } 4 \% & 2.02582 \\\text { Present value of an annuity of } 1 \text { for } 9 \text { periods at } 8 \% & 6.24689\\\text { Present value of an annuity of } 1 \text { for } 18 \text { periods at } 4 \% & 12.65930 \\\text { Future value of an annuity of } 1 \text { for } 9 \text { periods at } 8 \% & 12.48756 \\\text { Future value of an annuity of } 1 \text { for } 18 \text { periods at } 4 \% & 25.64541\end{array}$ To the closest dollar, what were the cash proceeds received from the issuance of the note?

A) $205,523
B) $236,880
C) $416,491
D) $410,841