A business regularly extends credit to customers for large purchases with a standard interest rate of 5 percent. There is also a $200 installment fee that is added to the total cost of the purchase. The customer signs the paperwork but returns the next day saying that the installments fee is too high. Does the customer still have to pay it?
It ultimately depends on the terms agreed upon in the paperwork signed by the customer. If the installment fee was clearly outlined and agreed to by the customer at the time of the purchase, then the customer would still be responsible for paying it. However, if there was any misunderstanding or misleading information provided to the customer regarding the installment fee, then the customer may have grounds to negotiate or dispute the fee. It is recommended to review the paperwork and terms of the agreement to determine the customer's obligations in this situation.
