Hire Purchase (HP) representative example
Based on a cash price of €19,950 with a €4,988 deposit total, borrowing €14,963 at a representative APR of 9.20% and the following:
- 58 monthly payments of:
€306.62
- Fixed rate of interest per annum:
8.45%
- Optional final payment:
€381.62
- Cash price:
€19,950.00
- Customer deposit:
€4,987.50
- Total deposit:
€4,987.50
- Amount of credit:
€14,962.50
- Total amount payable:
€23,534.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.20%