Hire Purchase (HP) representative example
Based on a cash price of £75,950 with a £26,582 deposit total, borrowing £49,368 at a representative APR of 9.40% and the following:
- 1 monthly payments of:
£1,022.40
- First monthly payment:
£1,097.40
- Final payment:
£1,097.40
- Cash price:
£75,950.00
- Customer deposit:
£26,582.00
- Total deposit:
£26,582.00
- Amount of credit:
£49,368.00
- Total amount payable:
£88,076.00
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.40%