Hire Purchase (HP) representative example
Based on a cash price of £10,445 with a £1,045 deposit total, borrowing £9,401 at a representative APR of 9.90% and the following:
- 47 monthly payments of:
£235.87
- Final payment:
£245.87
- Cash price:
£10,445.00
- Customer deposit:
£1,044.50
- Total deposit:
£1,044.50
- Amount of credit:
£9,400.50
- Total amount payable:
£12,376.26
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
5.11%
- APR:
9.90%