Hire Purchase (HP) representative example
Based on a cash price of €15,850 with a €3,963 deposit total, borrowing €11,888 at a representative APR of 9.30% and the following:
- 58 monthly payments of:
€243.60
- Fixed rate of interest per annum:
8.45%
- Optional final payment:
€318.60
- Cash price:
€15,850.00
- Customer deposit:
€3,962.50
- Total deposit:
€3,962.50
- Amount of credit:
€11,887.50
- Total amount payable:
€18,728.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.30%