Hire Purchase (HP) representative example
Based on a cash price of €67,500 with a €16,875 deposit total, borrowing €50,625 at a representative APR of 7.20% and the following:
- 58 monthly payments of:
€1,000.05
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€1,075.05
- Cash price:
€67,500.00
- Customer deposit:
€16,875.00
- Total deposit:
€16,875.00
- Amount of credit:
€50,625.00
- Total amount payable:
€77,028.00
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.20%