Hire Purchase (HP) representative example
Based on a cash price of £17,950 with a £6,283 deposit total, borrowing £11,668 at a representative APR of 9.80% and the following:
- 1 monthly payments of:
£241.63
- First monthly payment:
£316.63
- Final payment:
£316.63
- Cash price:
£17,950.00
- Customer deposit:
£6,282.50
- Total deposit:
£6,282.50
- Amount of credit:
£11,667.50
- Total amount payable:
£20,930.30
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.80%