Hire Purchase (HP) representative example
Based on a cash price of €38,450 with a €9,613 deposit total, borrowing €28,838 at a representative APR of 9.00% and the following:
- 58 monthly payments of:
€590.95
- Fixed rate of interest per annum:
8.45%
- Optional final payment:
€665.95
- Cash price:
€38,450.00
- Customer deposit:
€9,612.50
- Total deposit:
€9,612.50
- Amount of credit:
€28,837.50
- Total amount payable:
€45,219.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.00%