Hire Purchase (HP) representative example
Based on a cash price of €29,750 with a €7,438 deposit total, borrowing €22,313 at a representative APR of 9.40% and the following:
- 58 monthly payments of:
€460.47
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€535.47
- Cash price:
€29,750.00
- Customer deposit:
€7,437.50
- Total deposit:
€7,437.50
- Amount of credit:
€22,312.50
- Total amount payable:
€35,215.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.40%