Hire Purchase (HP) representative example
Based on a cash price of £26,950 with a £9,432 deposit total, borrowing £17,518 at a representative APR of 9.60% and the following:
- 1 monthly payments of:
£362.80
- First monthly payment:
£437.80
- Final payment:
£437.80
- Cash price:
£26,950.00
- Customer deposit:
£9,432.00
- Total deposit:
£9,432.00
- Amount of credit:
£17,518.00
- Total amount payable:
£31,350.00
- Option to purchase fee:
£75.00
- Documentation fee:
£75.00
- Rate of interest:
8.90%
- APR:
9.60%