Lease or Hire Purchase Calculator
This calculator will determine the residual amount, number of repayments, total interest payable, monthly repayment and total cost of contract on an individual’s lease/hire
Enter the contract type of “Lease” or “Hire Purchase”. Then enter the amount, residual %, number of years, interest rate and payment type.
The following results will display:
- Residual Amount – the amount required to be paid in a lump sum at the end of the term (number of years);
- Number of Repayments per Year – the number of repayments required;
- Total Interest Payable – the total interest portion of the lease/hire purchase;
- Monthly Repayment – the monthly repayment amount required; and
- Total Cost of Contract – the total cost of contract (principal plus interest).
Example 1 : Data Entry
ABN 71107714241 ACN 107714241
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