Hire Purchase (HP) representative example
Based on a cash price of €28,950 with a €7,238 deposit total, borrowing €21,713 at a representative APR of 8.50% and the following:
- 58 monthly payments of:
€439.73
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€514.73
- Cash price:
€28,950.00
- Customer deposit:
€7,237.50
- Total deposit:
€7,237.50
- Amount of credit:
€21,712.50
- Total amount payable:
€33,771.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.50%