Under hire purchase agreement the purchase agrees to pay to the vendor
a) Interest only b) Cash price only
c) Cash price and interest d) None of the above
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A hire purchase (HP), also known as an installment plan or the never-never, is an arrangement whereby a customer agrees to a contract to acquire an asset by paying an initial installment (e.g., 40% of the total) and repays the balance of the price of the asset plus interest over a period of time
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