19. Financing a loan

Borrowing money to buy an expensive item has become more and more common nowadays. A loan can be obtained from a commercial bank. It’s absolutely essential that borrowing requires an understanding of three basic steps. Firstly, you should compare loan sources. Secondly, it is necessary to compute interest. Thirdly, you should determine repayment time. When you want to gather some information and call different loan financial institutions you should ask them what annual interest rate they charge (начислять) on used loans and the method used to calculate repayment. It’s necessary for you to find the best finance source. If you want to be absolutely sure about details concerning a personal loan, the following questions come to your mind are: Must a reason be given for borrowing money? How long are you given to pay the money back? How is it paid back? I reckon, it’s absolutely clear to you that interest rate is very important factor that affects the cost of a loan. As to the other factor it is the length of time before the loan is completely repaid. Borrowers should realize that a longer repayment time increases the total cost of the loan.

20. «Harper & Grant Ltd.» The history of the company. The company’s structure and development.

The company of Harper & Grant Ltd. was started forty two years ago by Ambrose Harper and Wingate Grant. Wingate Grant died many years ago, and his son Hector is the present Managing Director. Ambrose Harper is the Chairman. He is now an old man, semi-retired, but he still comes to attend some board meetings and keep an eye on the business.

The company started by making steel waste paper bins for offices. These waste paper bins are safer than the old type of basket made of cane or straw. Old Mr. Grant, the present Managing Director's father, put the business on its feet when he captured a big contract with government offices.

From waste paper bins, Harper & Grant began to manufacture other items of office equipment. Until now when there are fifty six different items listed in their catalogue. 

The factory consists of workshops. These are divided into the Tool Room, Works Stores, Press Shop, Machine Shops, Assembly Shop, Paint Shop, Inspection, Packing and Despatch Departments. There is also the Warehouse, where finished articles are stored.

The firm has a history of slow, steady growth. Hector Grant believes that he knows the best way to run a business. However, Peter Wiles, who is Production Manager, and John Martin, who is Sales Manager, are much more adventurous. They want modernizing this business with new techniques and increased exports.