Hire Purchase (HP) representative example
Based on a cash price of €16,795 with a €4,199 deposit total, borrowing €12,596 at a representative APR of 9.60% and the following:
- 58 monthly payments of:
€259.95
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€334.95
- Cash price:
€16,795.00
- Customer deposit:
€4,198.75
- Total deposit:
€4,198.75
- Amount of credit:
€12,596.25
- Total amount payable:
€19,945.75
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.60%