Question

hire purchase price includes....
a)cash price +interest
b)cash price+down payment
c)down payment+interest
d)none of the above

Answer 1

Answer:

c down payment + interest

Answer 2

Answer:

The hire purchase price includes.... c)down payment+interest

Explanation:

A hire purchase agreement is one where a large down payment is made and subsequent payments of the remaining debt plus interest are made over a period of time. In the United Kingdom, the phrase "hire purchase" is frequently used, although in the United States, the phrase "instalment plan" is more frequently used.

But there might be a distinction between the two: In some instalment agreements, the buyer receives ownership rights as soon as the seller and buyer sign the contract. With hire purchase contracts, the buyer does not formally acquire ownership of the goods until all payments have been made.

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