Hire Purchase (HP) representative example
Based on a cash price of €13,950 with a €3,488 deposit total, borrowing €10,463 at a representative APR of 8.80% and the following:
- 58 monthly payments of:
€211.89
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€286.89
- Cash price:
€13,950.00
- Customer deposit:
€3,487.50
- Total deposit:
€3,487.50
- Amount of credit:
€10,462.50
- Total amount payable:
€16,350.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.80%