This is a general question about hire-purchase.in hire-purchase,

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The discussion centers on the mechanics of hire-purchase agreements, specifically regarding the calculation of monthly repayments. After deducting the down payment, the principal loan amount is established, which is then repaid in installments, typically monthly or yearly. The inquiry focuses on whether the term "monthly repayment" includes interest when compounded monthly. The consensus indicates that this aspect may vary based on local laws and regulations, particularly in Singapore, where practical mathematics is applied to financial situations.

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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?
 
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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.
 


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

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