Determine the total value that has to be paid back

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Reference no: EM13811651

Jane buys furniture at the value of R10000. She lends the money on the 1st of February at a financial institute.

An interest rate of 9.5% per year mounthly is asked.

They agree on paying the loan back at R450 a month and that the fist payment will be at the end of July 2015.

Now.

1. Determine the total value that has to be paid back on 1July 2015 and

2. How many months will it take Jane to pay the loan back

Reference no: EM13811651

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