Define the following terms: (a) Hire Vendor (b) Down payment
Define the following terms:
(a) Hire Vendor
(b) Down payment
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(a) Hire Vendor -Hire vendor is a person who delivers the goods along with its possession to the hire purchaser under a hire purchase agreement.
(b) Down payment- The initial payment made to the hire purchaser to the lender bank, at the time of entering into a hire purchase agreement.
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