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