Hire Purchase (HP) representative example
Based on a cash price of £14,645 with a £1,465 deposit total, borrowing £13,181 at a representative APR of 9.90% and the following:
- 47 monthly payments of:
£330.83
- Final payment:
£340.83
- Cash price:
£14,645.00
- Customer deposit:
£1,464.50
- Total deposit:
£1,464.50
- Amount of credit:
£13,180.50
- Total amount payable:
£17,354.34
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
5.12%
- APR:
9.90%