Question

distinguish between hire purchase system and installment system.
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Answer 1

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Hire Purchase: System of buying goods by making regular payment until the full price is paid. Installment: System of credit sale in which a sum of money or debt is paid regularly in installment. ... Installment: Buyer can sell or transfer the ownership of the good at any time.

Answer 2

Explanation:

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Purchase:

1. System of buying goods by making regular payment until the full price is paid.
2. Buyer cannot transfer or sell the good until the final installment is made.

Installment: System of credit sale in which a sum of money or debt is paid regularly in installment.

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