Hire Purchase (HP) representative example
Based on a cash price of €32,950 with a €8,238 deposit total, borrowing €24,713 at a representative APR of 8.50% and the following:
- 58 monthly payments of:
€500.49
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€575.49
- Cash price:
€32,950.00
- Customer deposit:
€8,237.50
- Total deposit:
€8,237.50
- Amount of credit:
€24,712.50
- Total amount payable:
€38,416.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.50%