Hire Purchase (HP) representative example
Based on a cash price of €26,250 with a €6,563 deposit total, borrowing €19,688 at a representative APR of 8.50% and the following:
- 58 monthly payments of:
€398.72
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€473.72
- Cash price:
€26,250.00
- Customer deposit:
€6,562.50
- Total deposit:
€6,562.50
- Amount of credit:
€19,687.50
- Total amount payable:
€30,635.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.50%