Hire Purchase (HP) representative example
Based on a cash price of €37,995 with a €9,499 deposit total, borrowing €28,496 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€577.12
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€652.12
- Cash price:
€37,995.00
- Customer deposit:
€9,498.75
- Total deposit:
€9,498.75
- Amount of credit:
€28,496.25
- Total amount payable:
€44,275.95
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%