Question

Hire purchase and Instalment purchase system
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Answer 1

Answer:

In the case of installment purchase, the purchase happens as soon as the agreement between the buyer and financing company is entered into. In hire purchase, both ownership and purchase is delayed till the complete payment whereas in installment purchase, purchase and ownership take place before the complete payment.✌✌✌✌✌✌♥️

Explanation:

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Answer 2

Answer:

Hire Purchase System

Hire Purchase System is that system of buying and selling of goods where Purchaser pays the price of the goods in periodical installments. Here, Goods are delivered to a purchaser, but ownership of the goods remains with the seller till the last installment is paid by the buyer.

Installment Payment System

Installment Payment System is that system of purchase and sale on Credit basis, where price is paid by the purchaser in Installments and becomes the owner of the goods on the date of entering into agreement .

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