Hire Purchase (HP) representative example
Based on a cash price of €22,850 with a €5,713 deposit total, borrowing €17,138 at a representative APR of 8.60% and the following:
- 58 monthly payments of:
€347.08
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€422.08
- Cash price:
€22,850.00
- Customer deposit:
€5,712.50
- Total deposit:
€5,712.50
- Amount of credit:
€17,137.50
- Total amount payable:
€26,687.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.60%