Hire Purchase (HP) representative example
Based on a cash price of £9,645 with a £965 deposit total, borrowing £8,681 at a representative APR of 9.90% and the following:
- 47 monthly payments of:
£217.81
- Final payment:
£227.81
- Cash price:
£9,645.00
- Customer deposit:
£964.50
- Total deposit:
£964.50
- Amount of credit:
£8,680.50
- Total amount payable:
£11,429.38
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
5.11%
- APR:
9.90%