Explain the following two methods of purchase of goods:- a) Instalment Method b) Hire Purchase Method
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a) Instalment method: In this method of purchasing goods, the buyer pays a certain down payment for the goods purchased and then afterwards pays the interest and the remaining amount in instalments.
b) Hire Purchase method: In this method of purchasing goods, a person at first instance hires a good or a service and gradually by paying off the amount of the good or service, completely owns it.
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