Hire Purchase (HP) representative example
Based on a cash price of £52,250 with a £18,287 deposit total, borrowing £33,963 at a representative APR of 9.40% and the following:
- 1 monthly payments of:
£703.37
- First monthly payment:
£778.37
- Final payment:
£778.37
- Cash price:
£52,250.00
- Customer deposit:
£18,287.00
- Total deposit:
£18,287.00
- Amount of credit:
£33,963.00
- Total amount payable:
£60,639.20
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.40%