In this lecture you will learn the meaning and concept of hire purchase, hire-purchaser, hire vendor, goods repossessed , hirer, cash purchase price, downpayment, hire puchase price, hire purchase charges and you will solve some problems based on these terms and different cases. Calculation of interest when rate of interest is given, you will solve the problems using balance sheets. Questions are provided to you. You can note the questions for your convinience. The solutions are provided to you in step by step manner. These steps are really important if you wish to score full marks.