Question

in hire purchase system the last installment payable by buyer includes?

(a)cash price of installment
(b)Down payment and interest
(c)cash price of installment and interest ​

Answer 1

Answer:

I think it's options A .

Answer 2

In hire purchase system the last installment payable by buyer includes the cash price of installment and interest .

• The hire purchase act was passed in the year 1972 and looks after every hire purchase agreement.
• In a hire purchase system,the total sum charged by the potential purchaser after a average interval up to a certain date as defined in the agreement to acquire the owner of assets.
• It is typically acquired under a hire purchase agreement upon direct payment of the previous installment, which is the hire purchase installment.
• The principal amount and active interest on the outstanding amount are also included.