Hire Purchase (HP) representative example
Based on a cash price of €16,450 with a €4,113 deposit total, borrowing €12,338 at a representative APR of 8.70% and the following:
- 58 monthly payments of:
€249.86
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€324.86
- Cash price:
€16,450.00
- Customer deposit:
€4,112.50
- Total deposit:
€4,112.50
- Amount of credit:
€12,337.50
- Total amount payable:
€19,254.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.70%