Hire Purchase (HP) representative example
Based on a cash price of €27,190 with a €6,798 deposit total, borrowing €20,393 at a representative APR of 7.70% and the following:
- 58 monthly payments of:
€405.24
- Fixed rate of interest per annum:
7.15%
- Optional final payment:
€480.24
- Cash price:
€27,190.00
- Customer deposit:
€6,797.50
- Total deposit:
€6,797.50
- Amount of credit:
€20,392.50
- Total amount payable:
€31,261.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.70%