Jane wants to buy furniture that will cost her R10 000. She goes to a bank and loans it on the First of February 2015.

The interest rate per year is set at 9.5% monthly compound.

On 1 June 2015 se agrees to pay the bank back on a monthly instalment of R450.

The first payment will be on the end of June 2015.

Now it asks.

1. Calculate the total capital owned to the bank on the first of June

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