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 9.50% and the following:
- 58 monthly payments of:
€339.74
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€414.74
- Cash price:
€21,950.00
- Customer deposit:
€5,487.50
- Total deposit:
€5,487.50
- Amount of credit:
€16,462.50
- Total amount payable:
€26,021.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.50%