Hire Purchase (HP) representative example
Based on a cash price of €26,450 with a €6,613 deposit total, borrowing €19,838 at a representative APR of 9.40% and the following:
- 58 monthly payments of:
€409.39
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€484.39
- Cash price:
€26,450.00
- Customer deposit:
€6,612.50
- Total deposit:
€6,612.50
- Amount of credit:
€19,837.50
- Total amount payable:
€31,325.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.40%