Hire Purchase (HP) representative example
Based on a cash price of £31,950 with a £11,183 deposit total, borrowing £20,768 at a representative APR of 9.50% and the following:
- 1 monthly payments of:
£430.09
- First monthly payment:
£505.09
- Final payment:
£505.09
- Cash price:
£31,950.00
- Customer deposit:
£11,182.50
- Total deposit:
£11,182.50
- Amount of credit:
£20,767.50
- Total amount payable:
£37,137.90
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.50%