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Please show your workings for this answer. A is correct but I'm unsure why. ...

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Accounting

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Please show your workings for this answer. A is correct but I'm unsure why.

On January 15, 2006, Holly Corporation purchased a new x-ray machine. They elected to finance the purchase with a note payable to be paid off in five years in annual installments of $509,111. Each installment includes principal plus interest on the unpaid balance at 5 percent per year. The installments are due on December 31st 2006, 2007, 2008, 2009, and 2010. What is the amount of the note payable on January 15, 2008? $2,204,184 $2,545,555 $2,813,160 $2,000,000 $1,994,500

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