Hire Purchase (HP) representative example
Based on a cash price of €32,875 with a €8,219 deposit total, borrowing €24,656 at a representative APR of 8.70% and the following:
- 58 monthly payments of:
€502.30
- Fixed rate of interest per annum:
8.20%
- Optional final payment:
€577.30
- Cash price:
€32,875.00
- Customer deposit:
€8,218.75
- Total deposit:
€8,218.75
- Amount of credit:
€24,656.25
- Total amount payable:
€38,506.75
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.70%