Hire Purchase (HP) representative example
Based on a cash price of £14,495 with a £1,450 deposit total, borrowing £13,046 at a representative APR of 11.90% and the following:
- 47 monthly payments of:
£339.05
- Final payment:
£339.05
- Cash price:
£14,495.00
- Customer deposit:
£1,449.50
- Total deposit:
£1,449.50
- Amount of credit:
£13,045.50
- Total amount payable:
£17,723.90
- Option to purchase fee:
£10.00
- Documentation fee:
£0.00
- Rate of interest:
11.27%
- APR:
11.90%