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