Hire Purchase (HP) representative example
Based on a cash price of €31,995 with a €7,999 deposit total, borrowing €23,996 at a representative APR of 8.50% and the following:
- 58 monthly payments of:
€485.98
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€560.98
- Cash price:
€31,995.00
- Customer deposit:
€7,998.75
- Total deposit:
€7,998.75
- Amount of credit:
€23,996.25
- Total amount payable:
€37,307.55
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.50%