Hire Purchase (HP) representative example
Based on a cash price of €17,500 with a €4,375 deposit total, borrowing €13,125 at a representative APR of 8.70% and the following:
- 58 monthly payments of:
€265.81
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€340.81
- Cash price:
€17,500.00
- Customer deposit:
€4,375.00
- Total deposit:
€4,375.00
- Amount of credit:
€13,125.00
- Total amount payable:
€20,473.60
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.70%