On September 1, 20x4, a company borrowed $600,000 from the bank at an interest rate of 6%. The repayment schedule calls for annual payments of $100,000 plus interest commencing on August 31, 20x5. What is the balance in the note payable account as at December 31, 20x7? Select one: $306,000 $100,000 $300,000 $200,000