Hire Purchase (HP) representative example
Based on a cash price of £15,645 with a £1,565 deposit total, borrowing £14,081 at a representative APR of 9.90% and the following:
- 47 monthly payments of:
£353.42
- Final payment:
£363.42
- Cash price:
£15,645.00
- Customer deposit:
£1,564.50
- Total deposit:
£1,564.50
- Amount of credit:
£14,080.50
- Total amount payable:
£18,538.66
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
5.12%
- APR:
9.90%