Hire Purchase (HP) representative example
Based on a cash price of £21,950 with a £7,683 deposit total, borrowing £14,268 at a representative APR of 9.70% and the following:
- 1 monthly payments of:
£295.48
- First monthly payment:
£370.48
- Final payment:
£370.48
- Cash price:
£21,950.00
- Customer deposit:
£7,682.50
- Total deposit:
£7,682.50
- Amount of credit:
£14,267.50
- Total amount payable:
£25,561.30
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.70%