Hire Purchase (HP) representative example
Based on a cash price of £29,950 with a £10,483 deposit total, borrowing £19,468 at a representative APR of 9.60% and the following:
- 1 monthly payments of:
£403.17
- First monthly payment:
£478.17
- Final payment:
£478.17
- Cash price:
£29,950.00
- Customer deposit:
£10,482.50
- Total deposit:
£10,482.50
- Amount of credit:
£19,467.50
- Total amount payable:
£34,822.70
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.60%