Hire Purchase (HP) representative example
Based on a cash price of €75,750 with a €18,938 deposit total, borrowing €56,813 at a representative APR of 7.20% and the following:
- 58 monthly payments of:
€1,122.28
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€1,197.28
- Cash price:
€75,750.00
- Customer deposit:
€18,937.50
- Total deposit:
€18,937.50
- Amount of credit:
€56,812.50
- Total amount payable:
€86,424.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.20%