Hire Purchase (HP) representative example
Based on a cash price of €43,450 with a €10,863 deposit total, borrowing €32,588 at a representative APR of 7.30% and the following:
- 58 monthly payments of:
€643.74
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€718.74
- Cash price:
€43,450.00
- Customer deposit:
€10,862.50
- Total deposit:
€10,862.50
- Amount of credit:
€32,587.50
- Total amount payable:
€49,636.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.30%