Hire Purchase (HP) representative example
Based on a cash price of €54,950 with a €13,738 deposit total, borrowing €41,213 at a representative APR of 7.30% and the following:
- 58 monthly payments of:
€814.11
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€889.11
- Cash price:
€54,950.00
- Customer deposit:
€13,737.50
- Total deposit:
€13,737.50
- Amount of credit:
€41,212.50
- Total amount payable:
€62,734.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.30%