Hire Purchase (HP) representative example
Based on a cash price of €36,000 with a €9,000 deposit total, borrowing €27,000 at a representative APR of 8.50% and the following:
- 58 monthly payments of:
€546.82
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€621.82
- Cash price:
€36,000.00
- Customer deposit:
€9,000.00
- Total deposit:
€9,000.00
- Amount of credit:
€27,000.00
- Total amount payable:
€41,959.20
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.50%