Hire Purchase (HP) representative example
Based on a cash price of £37,950 with a £13,283 deposit total, borrowing £24,668 at a representative APR of 9.50% and the following:
- 1 monthly payments of:
£510.86
- First monthly payment:
£585.86
- Final payment:
£585.86
- Cash price:
£37,950.00
- Customer deposit:
£13,282.50
- Total deposit:
£13,282.50
- Amount of credit:
£24,667.50
- Total amount payable:
£44,084.10
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.50%