Hire Purchase (HP) representative example
Based on a cash price of €70,645 with a €17,661 deposit total, borrowing €52,984 at a representative APR of 7.20% and the following:
- 58 monthly payments of:
€1,046.64
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€1,121.64
- Cash price:
€70,645.00
- Customer deposit:
€17,661.25
- Total deposit:
€17,661.25
- Amount of credit:
€52,983.75
- Total amount payable:
€80,609.65
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.20%