Hire Purchase (HP) representative example
Based on a cash price of €26,995 with a €6,749 deposit total, borrowing €20,246 at a representative APR of 8.50% and the following:
- 58 monthly payments of:
€410.04
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€485.04
- Cash price:
€26,995.00
- Customer deposit:
€6,748.75
- Total deposit:
€6,748.75
- Amount of credit:
€20,246.25
- Total amount payable:
€31,501.15
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.50%