Hire Purchase (HP) representative example
Based on a cash price of €62,495 with a €15,624 deposit total, borrowing €46,871 at a representative APR of 7.50% and the following:
- 58 monthly payments of:
€931.43
- Fixed rate of interest per annum:
7.15%
- Optional final payment:
€1,006.43
- Cash price:
€62,495.00
- Customer deposit:
€15,623.75
- Total deposit:
€15,623.75
- Amount of credit:
€46,871.25
- Total amount payable:
€71,659.55
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.50%