(2)The statutory charges, in respect of a cash price instalment, shall be an amount calculated at the rate of thirty per centum per annum or, if a lower rate is specified under sub-section (3), at such lower rate, in accordance with the following formula:SC=CI × R × T ÷ 100where, SC, represents the statutory charges;CI, represents the amount of cash price instalment expressed in rupees or fractions of rupees;R, represents the rate; andT, represents the time, expressed in years and fractions of years, that elapses between the date of the agreement and the date on which the hire-purchase instalment corresponding to the cash price instalment is payable under the agreement.
