Hire Purchase (HP) representative example
Based on a cash price of €34,450 with a €8,613 deposit total, borrowing €25,838 at a representative APR of 8.50% and the following:
- 58 monthly payments of:
€523.27
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€598.27
- Cash price:
€34,450.00
- Customer deposit:
€8,612.50
- Total deposit:
€8,612.50
- Amount of credit:
€25,837.50
- Total amount payable:
€40,158.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.50%