Hire Purchase (HP) representative example
Based on a cash price of £11,950 with a £4,182 deposit total, borrowing £7,768 at a representative APR of 10.00% and the following:
- 1 monthly payments of:
£160.87
- First monthly payment:
£235.87
- Final payment:
£235.87
- Cash price:
£11,950.00
- Customer deposit:
£4,182.00
- Total deposit:
£4,182.00
- Amount of credit:
£7,768.00
- Total amount payable:
£13,984.20
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
10.00%