Johnson's Tree Farm has a cash balance of $33 and a short-term loan balance of $200 at the beginning of quarter 1. The net cash inflow for the first quarter is $89 and for the second quarter there is a net cash outflow of $44. All cash shortfalls are funded with short-term debt. The firm pays 2 percent of its prior quarter's ending loan balance as interest each quarter. The minimum cash balance is $25. What is the short-term loan balance at the end of the first quarter?

$107

$128

$121

$111

$133