Hire Purchase (HP) representative example
Based on a cash price of €14,950 with a €3,738 deposit total, borrowing €11,213 at a representative APR of 7.60% and the following:
- 58 monthly payments of:
€221.49
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€296.49
- Cash price:
€14,950.00
- Customer deposit:
€3,737.50
- Total deposit:
€3,737.50
- Amount of credit:
€11,212.50
- Total amount payable:
€17,176.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.60%