Hire Purchase (HP) representative example
Based on a cash price of €25,750 with a €6,438 deposit total, borrowing €19,313 at a representative APR of 8.80% and the following:
- 58 monthly payments of:
€393.44
- Fixed rate of interest per annum:
8.20%
- Optional final payment:
€468.44
- Cash price:
€25,750.00
- Customer deposit:
€6,437.50
- Total deposit:
€6,437.50
- Amount of credit:
€19,312.50
- Total amount payable:
€30,193.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.80%