Hire Purchase (HP) representative example
Based on a cash price of £31,145 with a £3,115 deposit total, borrowing £28,031 at a representative APR of 9.90% and the following:
- 47 monthly payments of:
£703.80
- Final payment:
£713.80
- Cash price:
£31,145.00
- Customer deposit:
£3,114.50
- Total deposit:
£3,114.50
- Amount of credit:
£28,030.50
- Total amount payable:
£36,906.90
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
5.13%
- APR:
9.90%