Hire Purchase (HP) representative example
Based on a cash price of €54,500 with a €13,625 deposit total, borrowing €40,875 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€827.82
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€902.82
- Cash price:
€54,500.00
- Customer deposit:
€13,625.00
- Total deposit:
€13,625.00
- Amount of credit:
€40,875.00
- Total amount payable:
€63,444.20
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%