Determine the total value that has to be paid back

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Reference no: EM13824137

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 monthly 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: EM13824137

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