Hire Purchase (HP) representative example
Based on a cash price of €25,450 with a €6,363 deposit total, borrowing €19,088 at a representative APR of 9.10% and the following:
- 58 monthly payments of:
€391.15
- Fixed rate of interest per annum:
8.45%
- Optional final payment:
€466.15
- Cash price:
€25,450.00
- Customer deposit:
€6,362.50
- Total deposit:
€6,362.50
- Amount of credit:
€19,087.50
- Total amount payable:
€29,981.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.10%