Hire Purchase (HP) representative example
Based on a cash price of €23,950 with a €5,988 deposit total, borrowing €17,963 at a representative APR of 9.40% and the following:
- 58 monthly payments of:
€370.70
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€445.70
- Cash price:
€23,950.00
- Customer deposit:
€5,987.50
- Total deposit:
€5,987.50
- Amount of credit:
€17,962.50
- Total amount payable:
€28,379.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.40%