Which of the following statements about the disadvantages of…

JAMB Commerce 2023 51 views

Which of the following statements about the disadvantages of hire purchase is correct?

  1. The buyer owns the asset immediately after the first payment
  2. Hire purchase agreements often have higher overall costs due to interest ✓
  3. There are no penalties for late payments
  4. It is a risk-free method of acquiring assets

Explanation

This answer correctly describes the business or trade concept. Commerce deals with buying, selling, and business operations.

The other options relate to different aspects of business or trade. They aren’t the best answer here.

Understanding this helps you grasp how businesses operate and how trade happens.

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