Hire Purchase (HP) representative example
Based on a cash price of €62,450 with a €15,613 deposit total, borrowing €46,838 at a representative APR of 8.60% and the following:
- 58 monthly payments of:
€954.19
- Fixed rate of interest per annum:
8.20%
- Optional final payment:
€1,029.19
- Cash price:
€62,450.00
- Customer deposit:
€15,612.50
- Total deposit:
€15,612.50
- Amount of credit:
€46,837.50
- Total amount payable:
€73,013.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.60%