Hire Purchase (HP) representative example
Based on a cash price of £21,000 with a £7,350 deposit total, borrowing £13,650 at a representative APR of 9.70% and the following:
- 1 monthly payments of:
£282.69
- First monthly payment:
£357.69
- Final payment:
£357.69
- Cash price:
£21,000.00
- Customer deposit:
£7,350.00
- Total deposit:
£7,350.00
- Amount of credit:
£13,650.00
- Total amount payable:
£24,461.40
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.70%