Hi I need help with understanding this contract as I believe something is not right with the finance. The money does not quite add up so i'm a bit confused on it.

HP AGREEMENT FOR CARPENTRY EQUIPMENT

"Craft and Industry Finance" Craft and Industry Finance Limited ("the Owner").

Customer: Safe Arbour Ltd ("the Customer")

"Equipment" 2 x Powermagic D992 Compound Mitre Saws

3 x Excel T150 Surface Planer

2 x Powermagic D866 Heavy Duty Grinders

2 x Powermagic L10 Heavy Duty Wood Turning Lathe

1 x Jade 600 Chip extractor

"Contract Date" 1 August 2019

"Delivery" The transfer of physical possession of the Equipment tothe Customer at the Site.

"Site" 2, Ermine Street, Huntingdon, Cambridgeshire, PE29 2XZ

Cash Price 20,750

VAT 4,150

Total Cash Price 24,900

Deposit 9,000

Amount of Credit: 15,900

Administration fee: 149

Option to Purchase Fee 149

Charge for credit 7,378

Interest rate 1.6%

Representative APR: 23%

Total Amount Payable 32,576

"Payment Schedule"

Initial Instalment 485

Remaining Instalments 47 x 485 due monthly after Contract Date