Hire Purchase (HP) representative example
Based on a cash price of €74,000 with a €18,500 deposit total, borrowing €55,500 at a representative APR of 7.20% and the following:
- 58 monthly payments of:
€1,096.35
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€1,171.35
- Cash price:
€74,000.00
- Customer deposit:
€18,500.00
- Total deposit:
€18,500.00
- Amount of credit:
€55,500.00
- Total amount payable:
€84,431.00
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.20%