Hire Purchase (HP) representative example
Based on a cash price of €19,850 with a €4,963 deposit total, borrowing €14,888 at a representative APR of 8.60% and the following:
- 58 monthly payments of:
€301.51
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€376.51
- Cash price:
€19,850.00
- Customer deposit:
€4,962.50
- Total deposit:
€4,962.50
- Amount of credit:
€14,887.50
- Total amount payable:
€23,203.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.60%