Hire Purchase (HP) representative example
Based on a cash price of £27,950 with a £9,782 deposit total, borrowing £18,168 at a representative APR of 9.60% and the following:
- 1 monthly payments of:
£376.26
- First monthly payment:
£451.26
- Final payment:
£451.26
- Cash price:
£27,950.00
- Customer deposit:
£9,782.00
- Total deposit:
£9,782.00
- Amount of credit:
£18,168.00
- Total amount payable:
£32,507.60
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.60%