Hire Purchase (HP) representative example
Based on a cash price of €54,750 with a €13,688 deposit total, borrowing €41,063 at a representative APR of 7.80% and the following:
- 58 monthly payments of:
€821.83
- Fixed rate of interest per annum:
7.45%
- Optional final payment:
€896.83
- Cash price:
€54,750.00
- Customer deposit:
€13,687.50
- Total deposit:
€13,687.50
- Amount of credit:
€41,062.50
- Total amount payable:
€63,147.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.80%