Hire-Purchase-alternative

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Hire Purchase:

Hire Purchase

What is to be learned?:

What is to be learned? What hire purchase is. Advantages and disadvantages of hire purchase

Hire Purchase:

Hire Purchase Buy over a period of time Usually monthly payments Also deposit (often 10%) You do not get your deposit back!

Advantages:

Advantages Get it straight away Do not have to save up

Disadvantages:

Disadvantages Costs more usually* May still be paying for it when it no longer is in use (broken, lost, fed up with it etc.) *Unless Interest free credit

Basic:

Basic Charlie buys a washing machine Cash Price £800 or HP - £80 deposit and 12 payments of £65. Payments = 12 X 65 = 780 Add deposit → 780 + 80 = £860 Dearer by £60

Hire Purchase:

Hire Purchase Do not pay all at once Pay deposit and monthly payments Usually dearer

PowerPoint Presentation:

Bike costs £240 cash or 15% deposit and 12 payments of £21 Deposit = 15% of 240 = 0.15 X 240 = £36 Payments = 12 X 21 = £252 Total = 252 + 36 = £288

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