Hire Purchase (HP) representative example
Based on a cash price of £84,950 with a £29,733 deposit total, borrowing £55,218 at a representative APR of 9.40% and the following:
- 1 monthly payments of:
£1,143.55
- First monthly payment:
£1,218.55
- Final payment:
£1,218.55
- Cash price:
£84,950.00
- Customer deposit:
£29,732.50
- Total deposit:
£29,732.50
- Amount of credit:
£55,217.50
- Total amount payable:
£98,495.50
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.40%