Hire Purchase (HP) representative example
Based on a cash price of €55,995 with a €13,999 deposit total, borrowing €41,996 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€850.53
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€925.53
- Cash price:
€55,995.00
- Customer deposit:
€13,998.75
- Total deposit:
€13,998.75
- Amount of credit:
€41,996.25
- Total amount payable:
€65,180.55
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%