3009639
Description
Mind Map by Angelin Lee, updated more than 1 year ago
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Created by Angelin Lee
about 9 years ago
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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
- Furniture 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
- Consumer goods which does not exceed $20 000 including GST
- 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
- A= Total Amount
- A= P( 1 + i)^n
- Interest earned on the principal amount and its accumulated interest
- 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
- I = Interest
- I = PRT
- Based on the original principal
- Compounded Interest
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