Hire Purchase (HP) representative example
Based on a cash price of £5,295 with a £530 deposit total, borrowing £4,766 at a representative APR of 11.90% and the following:
- 47 monthly payments of:
£123.85
- Final payment:
£123.85
- Cash price:
£5,295.00
- Customer deposit:
£529.50
- Total deposit:
£529.50
- Amount of credit:
£4,765.50
- Total amount payable:
£6,474.30
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
11.22%
- APR:
11.90%