- #1
Celluhh
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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?
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?