Hire Purchase (HP) representative example
Based on a cash price of €25,000 with a €6,250 deposit total, borrowing €18,750 at a representative APR of 8.00% and the following:
- 58 monthly payments of:
€375.27
- Fixed rate of interest per annum:
7.45%
- Optional final payment:
€450.27
- Cash price:
€25,000.00
- Customer deposit:
€6,250.00
- Total deposit:
€6,250.00
- Amount of credit:
€18,750.00
- Total amount payable:
€28,916.20
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.00%