Hire Purchase (HP) representative example
Based on a cash price of £12,795 with a £1,299 deposit total, borrowing £11,496 at a representative APR of 11.90% and the following:
- 59 monthly payments of:
£251.57
- Final payment:
£261.57
- Cash price:
£12,795.00
- Customer deposit:
£1,299.00
- Total deposit:
£1,299.00
- Amount of credit:
£11,496.00
- Total amount payable:
£16,403.20
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
6.26%
- APR:
11.90%