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Thread: How to calculate this hire-purchase interest?

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  1. Nov 11th, 2002, 06:19 AM #1
    sbasak
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    How to calculate this hire-purchase interest?

    A shop is offering good on hire-purchase scheme. They offered following two schemes.

    Actual price: £ 499
    Payable in 37 instalments of £ 25.09 each (ie. total payable £ 928.33)
    Annual Percentage Rate of interest is 29.5%

    Another scheme

    Actual price: £ 399.99
    Payable in 48 instalments of £ 11.8 each (ie. total payable £ 566.40)
    Annual Percentage Rate of interest is 19.8%

    My question is, how do they calculate the interest and montly payment?

    Thanx
    Last edited by sbasak; Nov 12th, 2002 at 05:06 AM.
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