{"id":49467,"date":"2024-04-15T22:56:09","date_gmt":"2024-04-15T22:56:09","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=49467"},"modified":"2024-04-15T22:56:09","modified_gmt":"2024-04-15T22:56:09","slug":"under-hire-purchase-system-the-interest-for-each-period-is-computed-on","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/under-hire-purchase-system-the-interest-for-each-period-is-computed-on\/","title":{"rendered":"Under Hire Purchase System, the interest for each period is computed on"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Cash price remaining unpaid&#8221; option2=&#8221;Installment price remaining unpaid&#8221; option3=&#8221;The amount that has been agreed under hire purchase agreement&#8221; option4=&#8221;Cash price minus the amount of hire purchase installment paid&#8221; correct=&#8221;option1&#8243;]<!--more--><\/p>\n<p>The correct answer is: <strong>A. Cash price remaining unpaid<\/strong><\/p>\n<p>Hire purchase is a type of installment purchase where the buyer agrees to pay the full price of the goods over a period of time, with interest. The interest is calculated on the cash price of the goods, and is payable on the amount that is still outstanding.<\/p>\n<p>Option B is incorrect because the installment price is the total amount that the buyer will pay over the course of the agreement, including interest. The interest is not calculated on the installment price, but on the cash price.<\/p>\n<p>Option C is incorrect because the amount that has been agreed under hire purchase agreement is the total amount that the buyer will pay over the course of the agreement, including interest. The interest is not calculated on this amount, but on the cash price.<\/p>\n<p>Option D is incorrect because the cash price minus the amount of hire purchase installment paid is the amount of money that is still outstanding on the loan. The interest is calculated on the cash price, not on this amount.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Cash price remaining unpaid&#8221; option2=&#8221;Installment price remaining unpaid&#8221; option3=&#8221;The amount that has been agreed under hire purchase agreement&#8221; option4=&#8221;Cash price minus the amount of hire purchase installment paid&#8221; correct=&#8221;option1&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"class_list":["post-49467","post","type-post","status-publish","format-standard","hentry","category-accounting","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Under Hire Purchase System, the interest for each period is computed on<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/under-hire-purchase-system-the-interest-for-each-period-is-computed-on\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Under Hire Purchase System, the interest for each period is computed on\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Cash price remaining unpaid&#8221; 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