Wolford Company Borrowed $2,000,000 from U

Multiple Choice

Wolford Company borrowed $2,000,000 from U.S. Bank on January 1, 2016 in order to expand its mining capabilities. The five-year note required annual payments of $520,872 and carried an annual interest rate of 9.5%. What is the balance in the notes payable account at December 31, 2017 after the annual payment?

A) $2,000,000
B) $1,306,824
C) $1,669,128
D) $1,620,000