Hire Purchase (HP) representative example
Based on a cash price of €21,500 with a €5,375 deposit total, borrowing €16,125 at a representative APR of 8.60% and the following:
- 58 monthly payments of:
€326.57
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€401.57
- Cash price:
€21,500.00
- Customer deposit:
€5,375.00
- Total deposit:
€5,375.00
- Amount of credit:
€16,125.00
- Total amount payable:
€25,119.20
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.60%