Hire Purchase (HP) representative example
Based on a cash price of €32,922 with a €8,231 deposit total, borrowing €24,692 at a representative APR of 7.40% and the following:
- 58 monthly payments of:
€487.76
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€562.76
- Cash price:
€32,922.00
- Customer deposit:
€8,230.50
- Total deposit:
€8,230.50
- Amount of credit:
€24,691.50
- Total amount payable:
€37,646.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.40%