Representative Example for Hire Purchase (HP): Cash price £16,000.00, Annual Interest Rate (fixed) 6.72% p.a., with a representative 12.9% APR, total amount of credit £14,400.00, deposit of £1,600.00, an initial payment of £380.59, followed by 46 monthly payments of £380.59 with a final payment of £380.59, total amount payable is £19,868.32
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