Question: Paul borrows $ 5 , 0 0 0 from the bank and wishes to repay the amount in equal installments of $ 8 0 0

Paul borrows $5,000 from the bank and wishes to repay the amount in equal installments of $800 per year over a period of years. The payments will be made at the end of each year. The bank wishes to earn interest on this loan at 8%. Approximately how many years will it take for Paul to repay the loan?
Multiple choice question.
7 years
9 years
6 years
8 years

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