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Q.

Choose the statement as true or false.

Hire-purchase is a credit purchase.

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a

False

b

True

answer is A.

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Detailed Solution

The above statement is true.
Instalment payments are contracts in which the purchaser pays a deposit, pays the balance and instalment interest, and purchases expensive consumer goods. The term "instalment payments" is commonly used in the United Kingdom and is more commonly known in the United States as "instalments. This is a method of purchasing products in instalments over time. With instalment payments, the buyer rents the item and does not take ownership until the full amount of the contract has been paid. The term "hire purchase" comes from the United Kingdom and is similar to a US employment purchase contract.

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Choose the statement as true or false.Hire-purchase is a credit purchase.