Hire Purchase (HP) representative example
Based on a cash price of £20,500 with a £7,175 deposit total, borrowing £13,325 at a representative APR of 9.70% and the following:
- 1 monthly payments of:
£275.96
- First monthly payment:
£350.96
- Final payment:
£350.96
- Cash price:
£20,500.00
- Customer deposit:
£7,175.00
- Total deposit:
£7,175.00
- Amount of credit:
£13,325.00
- Total amount payable:
£23,882.60
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.70%