Hire Purchase (HP) representative example
Based on a cash price of €48,750 with a €12,188 deposit total, borrowing €36,563 at a representative APR of 7.30% and the following:
- 58 monthly payments of:
€722.26
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€797.26
- Cash price:
€48,750.00
- Customer deposit:
€12,187.50
- Total deposit:
€12,187.50
- Amount of credit:
€36,562.50
- Total amount payable:
€55,673.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.30%