Hire Purchase (HP) representative example
Based on a cash price of €22,350 with a €5,588 deposit total, borrowing €16,763 at a representative APR of 8.60% and the following:
- 58 monthly payments of:
€339.48
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€414.48
- Cash price:
€22,350.00
- Customer deposit:
€5,587.50
- Total deposit:
€5,587.50
- Amount of credit:
€16,762.50
- Total amount payable:
€26,106.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.60%