Farris Company borrowed $800,000 from Bank Two on January 1, 2011 in order to expand its mining

Farris Company borrowed $800,000 from Bank Two on January 1, 2011 in order to expand its mining capabilities. The five-year note required annual payments of $208,349 and carried an annual interest rate of 9.5%. What is the balance in the notes payable account at December 31, 2012?

$800,000

$522,729

$648,000

$667,651

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