Hire Purchase (HP) representative example
Based on a cash price of €14,750 with a €3,688 deposit total, borrowing €11,063 at a representative APR of 9.60% and the following:
- 58 monthly payments of:
€228.30
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€303.30
- Cash price:
€14,750.00
- Customer deposit:
€3,687.50
- Total deposit:
€3,687.50
- Amount of credit:
€11,062.50
- Total amount payable:
€17,535.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.60%