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