Hire Purchase (HP) representative example
Based on a cash price of £9,295 with a £930 deposit total, borrowing £8,366 at a representative APR of 11.90% and the following:
- 25 monthly payments of:
£364.23
- Final payment:
£364.23
- Cash price:
£9,295.00
- Customer deposit:
£929.50
- Total deposit:
£929.50
- Amount of credit:
£8,365.50
- Total amount payable:
£10,399.48
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
11.21%
- APR:
11.90%