Hire Purchase (HP) representative example
Based on a cash price of £12,495 with a £1,250 deposit total, borrowing £11,246 at a representative APR of 9.90% and the following:
- 47 monthly payments of:
£282.26
- Final payment:
£292.26
- Cash price:
£12,495.00
- Customer deposit:
£1,249.50
- Total deposit:
£1,249.50
- Amount of credit:
£11,245.50
- Total amount payable:
£14,807.98
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
5.12%
- APR:
9.90%