Hire Purchase (HP) representative example
Based on a cash price of €23,900 with a €5,975 deposit total, borrowing €17,925 at a representative APR of 8.00% and the following:
- 58 monthly payments of:
€358.75
- Fixed rate of interest per annum:
7.45%
- Optional final payment:
€433.75
- Cash price:
€23,900.00
- Customer deposit:
€5,975.00
- Total deposit:
€5,975.00
- Amount of credit:
€17,925.00
- Total amount payable:
€27,650.00
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.00%