Hire Purchase (HP) representative example
Based on a cash price of €33,950 with a €8,488 deposit total, borrowing €25,463 at a representative APR of 9.30% and the following:
- 58 monthly payments of:
€525.48
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€600.48
- Cash price:
€33,950.00
- Customer deposit:
€8,487.50
- Total deposit:
€8,487.50
- Amount of credit:
€25,462.50
- Total amount payable:
€40,166.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.30%