Hire Purchase (HP) representative example
Based on a cash price of €28,500 with a €7,125 deposit total, borrowing €21,375 at a representative APR of 7.40% and the following:
- 58 monthly payments of:
€422.24
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€497.24
- Cash price:
€28,500.00
- Customer deposit:
€7,125.00
- Total deposit:
€7,125.00
- Amount of credit:
€21,375.00
- Total amount payable:
€32,609.40
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.40%