Hire Purchase (HP) representative example
Based on a cash price of €27,450 with a €6,863 deposit total, borrowing €20,588 at a representative APR of 8.00% and the following:
- 58 monthly payments of:
€412.04
- Fixed rate of interest per annum:
7.45%
- Optional final payment:
€487.04
- Cash price:
€27,450.00
- Customer deposit:
€6,862.50
- Total deposit:
€6,862.50
- Amount of credit:
€20,587.50
- Total amount payable:
€31,734.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.00%