Hire Purchase (HP) representative example
Based on a cash price of €15,000 with a €3,750 deposit total, borrowing €11,250 at a representative APR of 9.30% and the following:
- 58 monthly payments of:
€230.54
- Fixed rate of interest per annum:
8.45%
- Optional final payment:
€305.54
- Cash price:
€15,000.00
- Customer deposit:
€3,750.00
- Total deposit:
€3,750.00
- Amount of credit:
€11,250.00
- Total amount payable:
€17,732.40
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.30%