Hire Purchase (HP) representative example
Based on a cash price of £22,750 with a £7,962 deposit total, borrowing £14,788 at a representative APR of 9.70% and the following:
- 1 monthly payments of:
£306.26
- First monthly payment:
£381.26
- Final payment:
£381.26
- Cash price:
£22,750.00
- Customer deposit:
£7,962.00
- Total deposit:
£7,962.00
- Amount of credit:
£14,788.00
- Total amount payable:
£26,487.60
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.70%