Hire Purchase (HP) representative example
Based on a cash price of £38,950 with a £13,633 deposit total, borrowing £25,318 at a representative APR of 9.50% and the following:
- 1 monthly payments of:
£524.32
- First monthly payment:
£599.32
- Final payment:
£599.32
- Cash price:
£38,950.00
- Customer deposit:
£13,632.50
- Total deposit:
£13,632.50
- Amount of credit:
£25,317.50
- Total amount payable:
£45,241.70
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.50%