Hire Purchase

Angelin Lee
Mind Map by Angelin Lee, updated more than 1 year ago
Angelin Lee
Created by Angelin Lee over 6 years ago
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Description

A simple mindmap on hire purchase for a homework

Resource summary

Hire Purchase
  1. A system by which one pays for a thing in regular installments while having the use of it.
    1. Places commonly seen
      1. Furniture Stores
        1. Car dealers
          1. Electronic Stores
          2. Type of Goods covered under the Hire-Purchase Act
            1. Consumer goods which does not exceed $20 000 including GST
              1. Any motor vehicle that does not exceed $55 000 excluding Certificate of Entitlement
              2. Different Type of Interests for Hire Purchases
                1. Compounded Interest
                  1. Interest earned on the principal amount and its accumulated interest
                    1. Formula
                      1. A= P( 1 + i)^n
                        1. A= Total Amount
                          1. P= Principal Amount (original amount of money)
                            1. n= Number of times interest has been charged
                        2. Simple Interest
                          1. Based on the original principal
                            1. Formula
                              1. I = PRT
                                1. I = Interest
                                  1. P = Principal Amount ( Original amount of money)
                                    1. R = Rate of Interest
                                      1. T = Time
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