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Representative Example for Hire Purchase (HP): Cash price £20,490.00, Annual Interest Rate (fixed) 8.75% p.a., with a representative 21% APR, total amount of credit £19,490.00, deposit of £1,000.00, an initial payment of £1,797.09, followed by 10 monthly payments of £1,797.09 with a final payment of £1,807.09, total amount payable is £22,575.08
Finance Representative
Product
HP
Cash Price
£17,185.00
Deposit
£1,000.00
Total Amount of Credit
£16,185.00
Total Amount Payable
£18,980.96
Administration Fee
£340.00
Option to Purchase Fee
£10.00
Fixed Rate
8.75%
Duration of Agreement
12
Initial Payment
£1497.58
Monthly Payment
£1497.58
x
10
Final Payment
£1507.58
APR Representative
21.8%
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