Hire Purchase (HP) representative example
Based on a cash price of £13,645 with a £1,365 deposit total, borrowing £12,281 at a representative APR of 9.90% and the following:
- 47 monthly payments of:
£308.24
- Final payment:
£318.24
- Cash price:
£13,645.00
- Customer deposit:
£1,364.50
- Total deposit:
£1,364.50
- Amount of credit:
£12,280.50
- Total amount payable:
£16,170.02
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
5.12%
- APR:
9.90%