Hire Purchase (HP) representative example
Based on a cash price of €12,450 with a €3,113 deposit total, borrowing €9,338 at a representative APR of 9.40% and the following:
- 58 monthly payments of:
€191.35
- Fixed rate of interest per annum:
8.45%
- Optional final payment:
€266.35
- Cash price:
€12,450.00
- Customer deposit:
€3,112.50
- Total deposit:
€3,112.50
- Amount of credit:
€9,337.50
- Total amount payable:
€14,743.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.40%