Hire Purchase (HP) representative example
Based on a cash price of £54,950 with a £19,233 deposit total, borrowing £35,718 at a representative APR of 9.40% and the following:
- 1 monthly payments of:
£739.70
- First monthly payment:
£814.70
- Final payment:
£814.70
- Cash price:
£54,950.00
- Customer deposit:
£19,232.50
- Total deposit:
£19,232.50
- Amount of credit:
£35,717.50
- Total amount payable:
£63,764.50
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.40%