Hire Purchase (HP) representative example
Based on a cash price of £11,995 with a £1,200 deposit total, borrowing £10,796 at a representative APR of 9.90% and the following:
- 47 monthly payments of:
£270.97
- Final payment:
£280.97
- Cash price:
£11,995.00
- Customer deposit:
£1,199.50
- Total deposit:
£1,199.50
- Amount of credit:
£10,795.50
- Total amount payable:
£14,216.06
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
5.12%
- APR:
9.90%