OD 50
18.
On 1st April, 2015 a company purchased a tempo on Hire Purchase System. The main particulars of the hire
purchase agreement are as under:
Cash price of tempo is 80,000. Rate of interest is 10% p.a. There is no initial payment. Hire purchase price
was to be paid in three annual instalments of equal value. The first intalment becoming due and payable on
31st March, 2016. Calculate interest and hire purchase price.
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