Hire Purchase (HP) representative example
Based on a cash price of £6,395 with a £640 deposit total, borrowing £5,756 at a representative APR of 11.90% and the following:
- 47 monthly payments of:
£149.58
- Final payment:
£149.58
- Cash price:
£6,395.00
- Customer deposit:
£639.50
- Total deposit:
£639.50
- Amount of credit:
£5,755.50
- Total amount payable:
£7,819.34
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
11.24%
- APR:
11.90%