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Betty DeRose, Inc. borrowed $530,000 on January 1, 2039. The terms of the loan require Betty DeRose to make annual payments of $65,000 every December

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Betty DeRose, Inc. borrowed $530,000 on January 1, 2039. The terms of the loan require Betty DeRose to make annual payments of $65,000 every December 31, with the first payment being due on December 31, 2039. Assume the loan has an interest rate of 10%, compounded annually. Calculate the note payable account balance at December 31, 2040 after the second loan payment has been made

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