Hire Purchase (HP) representative example
Based on a cash price of £11,950 with a £4,183 deposit total, borrowing £7,768 at a representative APR of 10.00% and the following:
- 1 monthly payments of:
£160.86
- First monthly payment:
£235.86
- Final payment:
£235.86
- Cash price:
£11,950.00
- Customer deposit:
£4,182.50
- Total deposit:
£4,182.50
- Amount of credit:
£7,767.50
- Total amount payable:
£13,984.10
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
10.00%