Hire Purchase (HP) representative example
Based on a cash price of €38,950 with a €9,738 deposit total, borrowing €29,213 at a representative APR of 9.30% and the following:
- 58 monthly payments of:
€602.87
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€677.87
- Cash price:
€38,950.00
- Customer deposit:
€9,737.50
- Total deposit:
€9,737.50
- Amount of credit:
€29,212.50
- Total amount payable:
€46,059.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.30%