Hire Purchase (HP) representative example
Based on a cash price of £19,950 with a £6,983 deposit total, borrowing £12,968 at a representative APR of 9.70% and the following:
- 1 monthly payments of:
£268.56
- First monthly payment:
£343.56
- Final payment:
£343.56
- Cash price:
£19,950.00
- Customer deposit:
£6,982.50
- Total deposit:
£6,982.50
- Amount of credit:
£12,967.50
- Total amount payable:
£23,246.10
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.70%