Loans & Hire Purchase
Published by Katie November 30th, 2006 in scribepostsToday in maths we did Hire purchase and Loans.
Example 1
Loans
£1200 Loan
6 Repayments = £215
Total Repayments =
How much more does the loan cost than the paying cash?
We worked this out by finding the total repayments, and you do this by multiplying 6 by £215.
So the total amount of repayments needed is £ 1290
The loan costs £90 more than paying in cash.
Hire Purchase
With hire purchase sometimes a deposit needs to be made.
This payment must be paid before the goods can be taken home,
Often this deposit is a percentage of the cash price .
Example 2
Hire purchase
Three piece suite
Cash price £1200
Or 10% deposit and 12 monthly instalments of £99.99
= 10% of £1200 = £120
12 x £99.99 = £1199.88
£1199.88 + £120 = £1319.88
For the next post i choose Linzi
Good clear post Katie - I wasn’t in class today but now I know what you learned about! It would be great if we could find a Web site about loans or hire purchase.
This is a really nice post. I am telling you this from Canada.
Hey good job Katie. I finally know what all those deposits and loans that they say on tv all mean. Maybe Mr. Harbeck will teach US all this sometime soon? Haha.
Pretty good post that you have there. I like how you explain every thing in the post
hey good job on ur scribe i like how u showed examples and explained how to get it=)
and can people in school put pics on ur scribes ???
ooo and just in-case ur wondering who i am, im from canada
at the 8-41 math blog
Hey this is really cool, great stuff