Some time ago, I saw an advertisement by Courts about the cash price and the installment price of their products. They used a standard formula. The interest rate embedded in the installment price is 36% per annum.
Consumers may not be aware about the high interest rate that they have to pay for installment payments. They should consider saving the money and paying for their purchase in cash, to reduce their cost by 36%.
I do not know if Courts is still charging this high interest rate now. I shall check when they next have their advertisements in the newspapers.
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