Hire Purchase (HP) representative example
Based on a cash price of £23,450 with a £8,207 deposit total, borrowing £15,243 at a representative APR of 9.60% and the following:
- 1 monthly payments of:
£315.68
- First monthly payment:
£390.68
- Final payment:
£390.68
- Cash price:
£23,450.00
- Customer deposit:
£8,207.00
- Total deposit:
£8,207.00
- Amount of credit:
£15,243.00
- Total amount payable:
£27,297.80
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.60%