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 7.40% and the following:
- 58 monthly payments of:
€354.09
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€429.09
- Cash price:
€23,900.00
- Customer deposit:
€5,975.00
- Total deposit:
€5,975.00
- Amount of credit:
€17,925.00
- Total amount payable:
€27,370.40
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.40%