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Celluhh Sep30-11 04:37 AM

this is a general question about hire-purchase,
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 Sep30-11 08:12 AM

Re: hire-purchase
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 Sep30-11 08:17 AM

Re: hire-purchase
um, i'm sorry.... but in singapore, we call it math in practical situations.^^

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