60-month Installment Payment Plan at Courts – a simple lesson in cashflow and expenditure management?
Recently I went to Courts to check out some furniture for my home. While browsing, I realise besides having shorter term installment payment plan (IPP) which comes free of charge, there is also the option of 60 month IPP. For a cabinet costing $899, there is a 60 month IPP option that lets you pay, wait for it… $39.95 a month. Whattt? Multiply this figure by 60 and you get $2397. One would be paying 167% more for the product overall. If you annualise this value, you are paying an extra 33.4% effective interest per year! This is even...Read More