Hire Purchase (HP) representative example
Based on a cash price of €21,950 with a €5,488 deposit total, borrowing €16,463 at a representative APR of 8.60% and the following:
- 58 monthly payments of:
€333.41
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€408.41
- Cash price:
€21,950.00
- Customer deposit:
€5,487.50
- Total deposit:
€5,487.50
- Amount of credit:
€16,462.50
- Total amount payable:
€25,642.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.60%