Hire Purchase (HP) representative example
Based on a cash price of £32,800 with a £11,480 deposit total, borrowing £21,320 at a representative APR of 9.50% and the following:
- 1 monthly payments of:
£441.53
- First monthly payment:
£516.53
- Final payment:
£516.53
- Cash price:
£32,800.00
- Customer deposit:
£11,480.00
- Total deposit:
£11,480.00
- Amount of credit:
£21,320.00
- Total amount payable:
£38,121.80
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.50%