Hire Purchase (HP) representative example
Based on a cash price of €52,750 with a €13,188 deposit total, borrowing €39,563 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€801.24
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€876.24
- Cash price:
€52,750.00
- Customer deposit:
€13,187.50
- Total deposit:
€13,187.50
- Amount of credit:
€39,562.50
- Total amount payable:
€61,411.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%