Hire Purchase (HP) representative example
Based on a cash price of €29,950 with a €7,488 deposit total, borrowing €22,463 at a representative APR of 8.00% and the following:
- 58 monthly payments of:
€449.57
- Fixed rate of interest per annum:
7.45%
- Optional final payment:
€524.57
- Cash price:
€29,950.00
- Customer deposit:
€7,487.50
- Total deposit:
€7,487.50
- Amount of credit:
€22,462.50
- Total amount payable:
€34,611.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.00%