Hire Purchase (HP) representative example
Based on a cash price of £10,145 with a £1,015 deposit total, borrowing £9,131 at a representative APR of 9.90% and the following:
- 47 monthly payments of:
£229.10
- Final payment:
£239.10
- Cash price:
£10,145.00
- Customer deposit:
£1,014.50
- Total deposit:
£1,014.50
- Amount of credit:
£9,130.50
- Total amount payable:
£12,021.30
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
5.11%
- APR:
9.90%