Hire Purchase (HP) representative example
Based on a cash price of €62,995 with a €15,749 deposit total, borrowing €47,246 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€956.85
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€1,031.85
- Cash price:
€62,995.00
- Customer deposit:
€15,748.75
- Total deposit:
€15,748.75
- Amount of credit:
€47,246.25
- Total amount payable:
€73,309.75
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%