Malaysia legislation
Section 20
Section 20
Substitution of Sixth Schedule
The principal Act is amended by substituting for the Sixth Schedule the following schedule:
“Sixth Schedule
[Section 30]
TERMS CHARGES
Where the terms charges are at a fixed or variable rate, the terms charges shall be calculated in accordance with the following formula:
Where
C represents the amount of terms charges expressed in ringgit and fractions of ringgit
R represents the terms charges calculated as an effective interest rate per centum per annum
T represents the number of scheduled payments per annum
N represents the total number of instalments for the hiring period
P represents the difference between the cash price of the goods comprised in the agreement and the amount of the deposit, together with—
(a)
freight, if any;
(b)
vehicle registration fees, if any; and
(c)
insurance, if any, expressed in ringgit and sen.”.
Deletion of Seventh Schedule