Hire Purchase (HP) representative example
Based on a cash price of €38,745 with a €9,686 deposit total, borrowing €29,059 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€588.51
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€663.51
- Cash price:
€38,745.00
- Customer deposit:
€9,686.25
- Total deposit:
€9,686.25
- Amount of credit:
€29,058.75
- Total amount payable:
€45,146.85
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%