Hire Purchase (HP) representative example
Based on a cash price of £24,950 with a £8,733 deposit total, borrowing £16,218 at a representative APR of 9.60% and the following:
- 1 monthly payments of:
£335.86
- First monthly payment:
£410.86
- Final payment:
£410.86
- Cash price:
£24,950.00
- Customer deposit:
£8,732.50
- Total deposit:
£8,732.50
- Amount of credit:
£16,217.50
- Total amount payable:
£29,034.10
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.60%