Hire Purchase (HP) representative example
Based on a cash price of €74,077 with a €18,519 deposit total, borrowing €55,558 at a representative APR of 7.20% and the following:
- 58 monthly payments of:
€1,097.49
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€1,172.49
- Cash price:
€74,077.00
- Customer deposit:
€18,519.25
- Total deposit:
€18,519.25
- Amount of credit:
€55,557.75
- Total amount payable:
€84,518.65
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.20%