Hire Purchase (HP) representative example
Based on a cash price of €26,950 with a €6,738 deposit total, borrowing €20,213 at a representative APR of 9.40% and the following:
- 58 monthly payments of:
€417.13
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€492.13
- Cash price:
€26,950.00
- Customer deposit:
€6,737.50
- Total deposit:
€6,737.50
- Amount of credit:
€20,212.50
- Total amount payable:
€31,915.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.40%