Hire Purchase (HP) representative example
Based on a cash price of £41,950 with a £14,683 deposit total, borrowing £27,268 at a representative APR of 9.50% and the following:
- 1 monthly payments of:
£564.71
- First monthly payment:
£639.71
- Final payment:
£639.71
- Cash price:
£41,950.00
- Customer deposit:
£14,682.50
- Total deposit:
£14,682.50
- Amount of credit:
£27,267.50
- Total amount payable:
£48,715.10
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.50%