Hire Purchase (HP) representative example
Based on a cash price of €16,695 with a €4,174 deposit total, borrowing €12,521 at a representative APR of 8.20% and the following:
- 58 monthly payments of:
€250.60
- Fixed rate of interest per annum:
7.45%
- Optional final payment:
€325.60
- Cash price:
€16,695.00
- Customer deposit:
€4,173.75
- Total deposit:
€4,173.75
- Amount of credit:
€12,521.25
- Total amount payable:
€19,359.75
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.20%