Hire Purchase (HP) representative example
Based on a cash price of £21,748 with a £7,611 deposit total, borrowing £14,137 at a representative APR of 9.70% and the following:
- 1 monthly payments of:
£292.78
- First monthly payment:
£367.78
- Final payment:
£367.78
- Cash price:
£21,748.00
- Customer deposit:
£7,611.00
- Total deposit:
£7,611.00
- Amount of credit:
£14,137.00
- Total amount payable:
£25,327.80
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.70%