On the first of the month, Chuck took out a business loan for $50,000,$ with

payments at the end of each month based on an annual nominal interest

rate compounded monthly. Each monthly payment is equal to $800,$ except

for a final drop payment. Immediately after the first payment the balance

owed was $49,800.$

Calculate the number of payments that Chuck needed to pay off the loan.

$($A$)115($B$)117($C$)119($D$)121($E$)123$On the first of the month, Chuck took out a business loan for $50,000,$ with

payments at the end of each month based on an annual nominal interest

rate compounded monthly. Each monthly payment is equal to $800,$ except

for a final drop payment. Immediately after the first payment the balance

owed was $49,800.$

Calculate the number of payments that Chuck needed to pay off the loan.

$($A$)115($B$)117($C$)119($D$)121($E$)123$