Hire Purchase (HP) representative example
Based on a cash price of €26,250 with a €2,625 deposit total, borrowing €23,625 at a representative APR of 8.50% and the following:
- 58 monthly payments of:
€478.46
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€553.46
- Cash price:
€26,250.00
- Customer deposit:
€2,625.00
- Total deposit:
€2,625.00
- Amount of credit:
€23,625.00
- Total amount payable:
€31,482.60
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.50%