Hire Purchase (HP) representative example
Based on a cash price of €22,450 with a €5,613 deposit total, borrowing €16,838 at a representative APR of 9.40% and the following:
- 58 monthly payments of:
€347.07
- Fixed rate of interest per annum:
8.70%
- Optional final payment:
€422.07
- Cash price:
€22,450.00
- Customer deposit:
€5,612.50
- Total deposit:
€5,612.50
- Amount of credit:
€16,837.50
- Total amount payable:
€26,586.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.40%