Hire Purchase (HP) representative example
Based on a cash price of €41,450 with a €10,363 deposit total, borrowing €31,088 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€629.60
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€704.60
- Cash price:
€41,450.00
- Customer deposit:
€10,362.50
- Total deposit:
€10,362.50
- Amount of credit:
€31,087.50
- Total amount payable:
€48,288.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%