1.

Explain the following concepts:a. Hire purchase systemb. Installment payment system.

Answer»

Hire purchase system - Hire-purchase system is a credit purchase . he price under hire purchase system is paid in installments . Hire vendor continues to be the OWNER of the goods TILL the PAYMENT of last installment.

Installment payment system -  Installment payment system also known as deferred installments . It is a system where the buyer is GIVEN the ownership as well as the possession of the goods at the time of purchase .



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