Is it a TS or a TRS 1/4", Russ? (mono or stereo 1/4")
If it is TS, it is probably a high impedance mike. And so, short runs ONLY. And it might be a hair noisier even at that. But for $15, if it sounds OK, how can you lose?!
Best thing would be to check the Peavey website (type in the model#). That ought to give you the specs..
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An arranger is just a tool. What matters is what you build with it..!