Hire Purchase (HP) representative example
Based on a cash price of £22,950 with a £8,033 deposit total, borrowing £14,918 at a representative APR of 9.70% and the following:
- 1 monthly payments of:
£308.94
- First monthly payment:
£383.94
- Final payment:
£383.94
- Cash price:
£22,950.00
- Customer deposit:
£8,032.50
- Total deposit:
£8,032.50
- Amount of credit:
£14,917.50
- Total amount payable:
£26,718.90
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.70%