Hire Purchase (HP) representative example
Based on a cash price of €28,750 with a €7,188 deposit total, borrowing €21,563 at a representative APR of 9.00% and the following:
- 58 monthly payments of:
€441.87
- Fixed rate of interest per annum:
8.45%
- Optional final payment:
€516.87
- Cash price:
€28,750.00
- Customer deposit:
€7,187.50
- Total deposit:
€7,187.50
- Amount of credit:
€21,562.50
- Total amount payable:
€33,849.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.00%