Formula to calculate installment in hire purchase system
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55,840, Down payment = Rs. 15,000 Annual Instalments = 3 of Rs. 15,000 each Solution: HPP = 15,000 + (15,000 *3) = 60,000 Total Interest = HPP – Cash Price = 60,000 – 55840 = 4160 This interest shall be distributed among three years in the ratio of outstanding instalments or Outstanding HPP.
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