Hire Purchase (HP) representative example
Based on a cash price of £14,950 with a £5,233 deposit total, borrowing £9,718 at a representative APR of 9.90% and the following:
- 1 monthly payments of:
£201.25
- First monthly payment:
£276.25
- Final payment:
£276.25
- Cash price:
£14,950.00
- Customer deposit:
£5,232.50
- Total deposit:
£5,232.50
- Amount of credit:
£9,717.50
- Total amount payable:
£17,457.50
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.90%