Jeffrey was offered a role as an artist by JYP Co. His monthly salary is 10,000. His monthly outgoings are 4,500. In addition, he has a personal loan of 8,000 that must be paid in full by the fifth month. He currently has 55,000 in his Korean bank savings account. In Korean banks, the savings rate is 12% APR compounded monthly.

After paying off his business loan in the fifth month, how much money does he have? After paying off the loan, how long would he have to save to become a millionaire (from the fifth month)?