Hire Purchase (HP) representative example
Based on a cash price of €35,500 with a €8,875 deposit total, borrowing €26,625 at a representative APR of 8.70% and the following:
- 58 monthly payments of:
€542.41
- Fixed rate of interest per annum:
8.20%
- Optional final payment:
€617.41
- Cash price:
€35,500.00
- Customer deposit:
€8,875.00
- Total deposit:
€8,875.00
- Amount of credit:
€26,625.00
- Total amount payable:
€41,569.60
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.70%