Hire Purchase (HP) representative example
Based on a cash price of €23,750 with a €5,938 deposit total, borrowing €17,813 at a representative APR of 8.60% and the following:
- 58 monthly payments of:
€360.75
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€435.75
- Cash price:
€23,750.00
- Customer deposit:
€5,937.50
- Total deposit:
€5,937.50
- Amount of credit:
€17,812.50
- Total amount payable:
€27,732.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.60%