Hire Purchase (HP) representative example
Based on a cash price of £35,950 with a £12,583 deposit total, borrowing £23,368 at a representative APR of 9.50% and the following:
- 1 monthly payments of:
£483.94
- First monthly payment:
£558.94
- Final payment:
£558.94
- Cash price:
£35,950.00
- Customer deposit:
£12,582.50
- Total deposit:
£12,582.50
- Amount of credit:
£23,367.50
- Total amount payable:
£41,768.90
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.50%