Hire Purchase (HP) representative example
Based on a cash price of €13,450 with a €3,363 deposit total, borrowing €10,088 at a representative APR of 8.80% and the following:
- 58 monthly payments of:
€204.30
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€279.30
- Cash price:
€13,450.00
- Customer deposit:
€3,362.50
- Total deposit:
€3,362.50
- Amount of credit:
€10,087.50
- Total amount payable:
€15,770.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.80%