Hire Purchase (HP) representative example
Based on a cash price of £73,950 with a £25,882 deposit total, borrowing £48,068 at a representative APR of 9.40% and the following:
- 1 monthly payments of:
£995.48
- First monthly payment:
£1,070.48
- Final payment:
£1,070.48
- Cash price:
£73,950.00
- Customer deposit:
£25,882.00
- Total deposit:
£25,882.00
- Amount of credit:
£48,068.00
- Total amount payable:
£85,760.80
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.40%