Hire Purchase (HP) representative example
Based on a cash price of £12,145 with a £1,215 deposit total, borrowing £10,931 at a representative APR of 9.90% and the following:
- 47 monthly payments of:
£274.36
- Final payment:
£284.36
- Cash price:
£12,145.00
- Customer deposit:
£1,214.50
- Total deposit:
£1,214.50
- Amount of credit:
£10,930.50
- Total amount payable:
£14,393.78
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
5.12%
- APR:
9.90%