Hire Purchase (HP) representative example
Based on a cash price of €16,950 with a €4,238 deposit total, borrowing €12,713 at a representative APR of 8.70% and the following:
- 58 monthly payments of:
€257.46
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€332.46
- Cash price:
€16,950.00
- Customer deposit:
€4,237.50
- Total deposit:
€4,237.50
- Amount of credit:
€12,712.50
- Total amount payable:
€19,835.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.70%