Hire Purchase (HP) representative example
Based on a cash price of €12,895 with a €3,224 deposit total, borrowing €9,671 at a representative APR of 8.80% and the following:
- 58 monthly payments of:
€195.87
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€270.87
- Cash price:
€12,895.00
- Customer deposit:
€3,223.75
- Total deposit:
€3,223.75
- Amount of credit:
€9,671.25
- Total amount payable:
€15,125.95
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.80%