hire-purchase

[Celluhh]

this is a general question about hire-purchase.

in hire-purchase, after subtracting the down payment, we get the principal loan. this loan is paid in instalments, most of the time yearly but sometimes monthly. in this case, if one has to pay monthly instalments with interest compounded monthly, when the term"monthly repayment"is used, is the interest already included inside?

[HallsofIvy]

This has nothing to do with "Calculus and Analysis" and, in fact, is not a mathematics question at all. I suspect it is a matter of national or local laws and the answer probably varies from place to place.

[Celluhh]

um, i'm sorry.... but in singapore, we call it math in practical situations.^^