Hire Purchase (HP) representative example
Based on a cash price of £36,950 with a £12,933 deposit total, borrowing £24,018 at a representative APR of 9.50% and the following:
- 1 monthly payments of:
£497.40
- First monthly payment:
£572.40
- Final payment:
£572.40
- Cash price:
£36,950.00
- Customer deposit:
£12,932.50
- Total deposit:
£12,932.50
- Amount of credit:
£24,017.50
- Total amount payable:
£42,926.50
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.50%