Hire Purchase (HP) representative example
Based on a cash price of £40,950 with a £14,332 deposit total, borrowing £26,618 at a representative APR of 9.50% and the following:
- 1 monthly payments of:
£551.25
- First monthly payment:
£626.25
- Final payment:
£626.25
- Cash price:
£40,950.00
- Customer deposit:
£14,332.00
- Total deposit:
£14,332.00
- Amount of credit:
£26,618.00
- Total amount payable:
£47,557.00
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.50%