Harris Machinery received a demand loan of $180,000. It repaid $65,000 at the end of the first year, $80,000 at the end of the second year, and the balance at the end of the third year. The interest rate charged on the loan was 5.83% compounded semi-annually for the first year, 5.33% compounded quarterly for the second year, and 5.01% compounded monthly for the third year.What was the balance of the loan at the end of the first year?