Hire Purchase (HP) representative example
Based on a cash price of €19,450 with a €4,863 deposit total, borrowing €14,588 at a representative APR of 8.90% and the following:
- 58 monthly payments of:
€297.18
- Fixed rate of interest per annum:
8.20%
- Optional final payment:
€372.18
- Cash price:
€19,450.00
- Customer deposit:
€4,862.50
- Total deposit:
€4,862.50
- Amount of credit:
€14,587.50
- Total amount payable:
€22,843.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.90%