Hire Purchase (HP) representative example
Based on a cash price of €50,995 with a €12,749 deposit total, borrowing €38,246 at a representative APR of 9.30% and the following:
- 58 monthly payments of:
€789.30
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€864.30
- Cash price:
€50,995.00
- Customer deposit:
€12,748.75
- Total deposit:
€12,748.75
- Amount of credit:
€38,246.25
- Total amount payable:
€60,256.75
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.30%