Hire Purchase (HP) representative example
Based on a cash price of £20,950 with a £7,333 deposit total, borrowing £13,618 at a representative APR of 9.70% and the following:
- 1 monthly payments of:
£282.02
- First monthly payment:
£357.02
- Final payment:
£357.02
- Cash price:
£20,950.00
- Customer deposit:
£7,332.50
- Total deposit:
£7,332.50
- Amount of credit:
£13,617.50
- Total amount payable:
£24,403.70
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.70%