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3009639
Hire Purchase
Description
A simple mindmap on hire purchase for a homework
No tags specified
maths
interest
formula
Mind Map by
Angelin Lee
, updated more than 1 year ago
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Created by
Angelin Lee
over 9 years ago
139
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Resource summary
Hire Purchase
A system by which one pays for a thing in regular installments while having the use of it.
Places commonly seen
Furniture Stores
Car dealers
Electronic Stores
Type of Goods covered under the Hire-Purchase Act
Consumer goods which does not exceed $20 000 including GST
Any motor vehicle that does not exceed $55 000 excluding Certificate of Entitlement
Different Type of Interests for Hire Purchases
Compounded Interest
Interest earned on the principal amount and its accumulated interest
Formula
A= P( 1 + i)^n
A= Total Amount
P= Principal Amount (original amount of money)
n= Number of times interest has been charged
Simple Interest
Based on the original principal
Formula
I = PRT
I = Interest
P = Principal Amount ( Original amount of money)
R = Rate of Interest
T = Time
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