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Hire purchase Instead of saving for the purchase of an item, an option is to enter into a hire-purchaseagreement. This means the purchaser agrees to hire the item and makeperiodical payments at an agreed rate of interest. At the end of the period of the agreement, theitem is owned by the purchaser. We use flat interest rate ( simple interest) for hire purchase.Example:Nicole enters into a hire-purchase agreement in order to purchase a car: The price of the car is$10 000. She agrees to pay a deposit of $2000, and then make 12 payments of $800 over theremainder of the year.aHow much interest has she paid?bWhat is the flat rate of interest that this represents?Solution: a Total payment = 2000 + 12×800 = $ 11 600Interest = 11 600 -10 000 = $ 1600rf = 100 ×1600 = 20%p.a8000 ×1
Effective interest rate When we pay with flat rate of interest ( simple interest) we are actually paying alot more interest than compound interest.The effective interest rate is the actual interestrate that we pay with the flat rate of interest.Example: Monique arranges to purchase a stereo costing $1690. She agrees to pay a deposit of $150, and18 equal monthly payments of $95. Find:athe flat rate of interest per annumbthe effective rate of interest per annum that she is paying on this contract.Solution: a Interest = 150 + 18 ×95 -1690 = 1860 -1690 = $170rf = 100 ×170 = 7.36% p.a.1540 ×1.5re = rf ×2 ×18 = 7.36 ×32 = 13.94%p.a.18 + 1 19
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