Hire Purchase (HP) representative example
Based on a cash price of £15,950 with a £5,583 deposit total, borrowing £10,368 at a representative APR of 9.80% and the following:
- 1 monthly payments of:
£214.71
- First monthly payment:
£289.71
- Final payment:
£289.71
- Cash price:
£15,950.00
- Customer deposit:
£5,582.50
- Total deposit:
£5,582.50
- Amount of credit:
£10,367.50
- Total amount payable:
£18,615.10
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.80%