Hire Purchase (HP) representative example
Based on a cash price of €54,250 with a €13,563 deposit total, borrowing €40,688 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€824.02
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€899.02
- Cash price:
€54,250.00
- Customer deposit:
€13,562.50
- Total deposit:
€13,562.50
- Amount of credit:
€40,687.50
- Total amount payable:
€63,153.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%