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Coronado Industries borrowed $850000 from Liber Bank on January 1, 2019 in order to expand its...

Coronado Industries borrowed $850000 from Liber Bank on January 1, 2019 in order to expand its mining capabilities. The note required annual payments of $215701 and carried an annual interest rate of 8.5%. What is the balance in the notes payable account at December 31, 2020 if payments are made at the end of each year?

$706549
$550905
$705500
$850000
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