Hire Purchase (HP) representative example
Based on a cash price of €26,995 with a €6,749 deposit total, borrowing €20,246 at a representative APR of 7.70% and the following:
- 58 monthly payments of:
€402.33
- Fixed rate of interest per annum:
7.15%
- Optional final payment:
€477.33
- Cash price:
€26,995.00
- Customer deposit:
€6,748.75
- Total deposit:
€6,748.75
- Amount of credit:
€20,246.25
- Total amount payable:
€31,038.55
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.70%