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How the account will be settled if the hire purchase installments account is settled earlier than the time schedule prescribed?

April 26, 2017account hire installments prescribed purchase schedule settled time

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How the account will be settled if the hire purchase installments account is settled earlier than the time schedule prescribed?

1 Answer

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10 Posted

Ans: (a) The principal with applicable interest & penal interest till the date of such settlement and (b) the principal without interest in the balance installments for the period from the date of such settlement to the end of time schedule.