Hire Purchase (HP) representative example
Based on a cash price of €58,950 with a €14,738 deposit total, borrowing €44,213 at a representative APR of 8.90% and the following:
- 58 monthly payments of:
€906.02
- Fixed rate of interest per annum:
8.45%
- Optional final payment:
€981.02
- Cash price:
€58,950.00
- Customer deposit:
€14,737.50
- Total deposit:
€14,737.50
- Amount of credit:
€44,212.50
- Total amount payable:
€69,248.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.90%