Singapore legislation

Schedule 6

Terms Charges

SIXTH SCHEDULE(Section 29).Terms ChargesThe terms charges shall be calculated in accordance with the following formula: —Where —R represents the terms charges calculated as a rate per centum per annum;C represents the amount of terms charges expressed in dollars and fractions of dollars;T represents the time that elapses between the time fixed by or under the agreement for the making of the first instalment and the time so fixed for the making of the last instalment, together with —

(i)

one week where the instalments are payable under the agreement at regular weekly intervals;

(ii)

two weeks where the instalments are payable under the agreement at regular fortnightly intervals; or

(iii)

one month where the instalments are payable under the agreement at regular monthly intervals,expressed in years and fractions of years; andP represents the difference between the cash price of the goods comprised in the agreement and the amount of the deposit, together with —

(i)

freight, if any;

(ii)

vehicle registration fees, if any; and

(iii)

insurance, if any,expressed in dollars and cents.

Read in full context — Hire-Purchase Bill →