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 8.20% and the following:
- 58 monthly payments of:
€254.43
- Fixed rate of interest per annum:
7.45%
- Optional final payment:
€329.43
- Cash price:
€16,950.00
- Customer deposit:
€4,237.50
- Total deposit:
€4,237.50
- Amount of credit:
€12,712.50
- Total amount payable:
€19,653.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.20%