Hire Purchase (HP) representative example
Based on a cash price of £11,645 with a £1,165 deposit total, borrowing £10,481 at a representative APR of 9.90% and the following:
- 47 monthly payments of:
£263.06
- Final payment:
£273.06
- Cash price:
£11,645.00
- Customer deposit:
£1,164.50
- Total deposit:
£1,164.50
- Amount of credit:
£10,480.50
- Total amount payable:
£13,801.38
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
5.12%
- APR:
9.90%