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Hire-Purchase Act 1964

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This is the original version (as it was originally enacted).

Schedule 3Schedule to be Inserted in Advertisements (Hire-Purchase) Act 1957

Formula for calculating Rate of Interest or Charge

1The provisions of this Schedule shall have effect for the purposes of the application of section 2A of this Act to an advertisement.

2Let m be the number by which the period in respect of which, in accordance with the advertisement, each instalment is payable must be multiplied in order to be equal to a period of twelve months.

3Let d be the amount of the difference between—

(a)the sum stated in the advertisement in accordance with section 2(2)(g) of this Act, and

(b)the sum stated in the advertisement as the cash price of the goods.

4Let p be the amount of the difference between—

(a)the sum stated in the advertisement as the cash price of the goods, and

(b)the amount of the deposit (if any) as stated in the advertisement, if that amount is directly expressed therein, or, if it is not so expressed, the amount of the deposit (if any) calculated in accordance with the statement in the advertisement,

or, if it is stated in the advertisement that no deposit is payable, let p be the amount of the cash price.

5Let n be the number specified in the advertisement as the total number of instalments payable.

6The formula referred to in subsection (2) of section 2A of this Act is

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