Hire Purchase (HP) representative example
Based on a cash price of €19,995 with a €4,999 deposit total, borrowing €14,996 at a representative APR of 8.60% and the following:
- 58 monthly payments of:
€303.71
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€378.71
- Cash price:
€19,995.00
- Customer deposit:
€4,998.75
- Total deposit:
€4,998.75
- Amount of credit:
€14,996.25
- Total amount payable:
€23,371.35
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.60%