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the note is for three years and the effective rate of interest is 6% while nominal is 2 percsnt

A12-17 Discounting-Low-Interest Note (LO 12-6) On 1 January 20X9, a borrower signed a long-term note, face amount, $2,050,000; time to maturity, three 2%. The effective rate of interest of 6% determined the cash received by the borrower. The principal of th maturity, stated interest is due at the end of each year. (PV of $1, PVA of $1, and PVAD of $1.) (Use approp tables provided.) Required: 1. Compute the cash received by the borrower. (Round time value factor to 5 decimal places. Round you and final answer to the nearest dollar amount.) A12-17 Discounting-Low-Interest Note (LO 12-6) On 1 January 20X9, a borrower signed a long-term note, face amount, $2,050,000; time to maturity, thre 2%. The effective rate of interest of 6% determined the cash received by the borrower. The principal of th maturity, stated interest is due at the end of each year. (PV of $1, PVA of $1, and PVAD of $1.) (Use approp tables provided.) Required: 1. Compute the cash received by the borrower. (Round time value factor to 5 decimal places. Round you and final answer to the nearest dollar amount.) Cash received 2. Give the required entries for the borrower for each of the three years. Use the effective interest method a transaction/event, select "No journal entry required" in the first account field. Round your intermedia answers to the nearest dollar amount.)

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