Hire Purchase (HP) representative example
Based on a cash price of €22,000 with a €5,500 deposit total, borrowing €16,500 at a representative APR of 8.60% and the following:
- 58 monthly payments of:
€334.17
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€409.17
- Cash price:
€22,000.00
- Customer deposit:
€5,500.00
- Total deposit:
€5,500.00
- Amount of credit:
€16,500.00
- Total amount payable:
€25,700.20
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.60%