Hire Purchase (HP) representative example
Based on a cash price of £48,950 with a £17,132 deposit total, borrowing £31,818 at a representative APR of 9.50% and the following:
- 1 monthly payments of:
£658.95
- First monthly payment:
£733.95
- Final payment:
£733.95
- Cash price:
£48,950.00
- Customer deposit:
£17,132.00
- Total deposit:
£17,132.00
- Amount of credit:
£31,818.00
- Total amount payable:
£56,819.00
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.50%