Hire Purchase (HP) representative example
Based on a cash price of £28,950 with a £10,132 deposit total, borrowing £18,818 at a representative APR of 9.60% and the following:
- 1 monthly payments of:
£389.72
- First monthly payment:
£464.72
- Final payment:
£464.72
- Cash price:
£28,950.00
- Customer deposit:
£10,132.00
- Total deposit:
£10,132.00
- Amount of credit:
£18,818.00
- Total amount payable:
£33,665.20
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.60%