Hire Purchase (HP) representative example
Based on a cash price of €18,450 with a €4,613 deposit total, borrowing €13,838 at a representative APR of 8.90% and the following:
- 58 monthly payments of:
€281.90
- Fixed rate of interest per annum:
8.20%
- Optional final payment:
€356.90
- Cash price:
€18,450.00
- Customer deposit:
€4,612.50
- Total deposit:
€4,612.50
- Amount of credit:
€13,837.50
- Total amount payable:
€21,676.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.90%