Hire Purchase (HP) representative example
Based on a cash price of €47,150 with a €11,788 deposit total, borrowing €35,363 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€716.18
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€791.18
- Cash price:
€47,150.00
- Customer deposit:
€11,787.50
- Total deposit:
€11,787.50
- Amount of credit:
€35,362.50
- Total amount payable:
€54,908.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%