Hire Purchase (HP) representative example
Based on a cash price of £15,445 with a £1,545 deposit total, borrowing £13,901 at a representative APR of 9.90% and the following:
- 47 monthly payments of:
£348.90
- Final payment:
£358.90
- Cash price:
£15,445.00
- Customer deposit:
£1,544.50
- Total deposit:
£1,544.50
- Amount of credit:
£13,900.50
- Total amount payable:
£18,301.70
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
5.12%
- APR:
9.90%