Answer:
Hire Purchase is a type of installment
credit under which the customer agrees to take the goods on hire at a stated
rental, which is inclusive of the repayment of Principal as well as interest
for adjustment of the loan within a specified period.
Lease
Financing
is one of the most convenient sources of acquiring capital machinery and
equipment whereby a customer is given the opportunity to have an exclusive
right to use an asset usually for an agreed period of time against payment of
rental. It is a term financing repayable by lease rental.
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