Hire Purchase (HP) representative example
Based on a cash price of £25,950 with a £9,083 deposit total, borrowing £16,868 at a representative APR of 9.60% and the following:
- 1 monthly payments of:
£349.32
- First monthly payment:
£424.32
- Final payment:
£424.32
- Cash price:
£25,950.00
- Customer deposit:
£9,082.50
- Total deposit:
£9,082.50
- Amount of credit:
£16,867.50
- Total amount payable:
£30,191.70
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.60%