Hire Purchase (HP) representative example
Based on a cash price of €35,450 with a €8,863 deposit total, borrowing €26,588 at a representative APR of 8.50% and the following:
- 58 monthly payments of:
€538.46
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€613.46
- Cash price:
€35,450.00
- Customer deposit:
€8,862.50
- Total deposit:
€8,862.50
- Amount of credit:
€26,587.50
- Total amount payable:
€41,320.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.50%