Hire Purchase (HP) representative example
Based on a cash price of £17,945 with a £1,795 deposit total, borrowing £16,151 at a representative APR of 9.90% and the following:
- 47 monthly payments of:
£405.38
- Final payment:
£415.38
- Cash price:
£17,945.00
- Customer deposit:
£1,794.50
- Total deposit:
£1,794.50
- Amount of credit:
£16,150.50
- Total amount payable:
£21,262.74
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
5.12%
- APR:
9.90%