Hire Purchase (HP) representative example
Based on a cash price of €17,950 with a €4,488 deposit total, borrowing €13,463 at a representative APR of 8.70% and the following:
- 58 monthly payments of:
€272.65
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€347.65
- Cash price:
€17,950.00
- Customer deposit:
€4,487.50
- Total deposit:
€4,487.50
- Amount of credit:
€13,462.50
- Total amount payable:
€20,996.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.70%