Hire Purchase (HP) representative example
Based on a cash price of €31,750 with a €7,938 deposit total, borrowing €23,813 at a representative APR of 8.80% and the following:
- 58 monthly payments of:
€485.11
- Fixed rate of interest per annum:
8.20%
- Optional final payment:
€560.11
- Cash price:
€31,750.00
- Customer deposit:
€7,937.50
- Total deposit:
€7,937.50
- Amount of credit:
€23,812.50
- Total amount payable:
€37,194.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.80%