Hire Purchase (HP) representative example
Based on a cash price of €29,945 with a €7,486 deposit total, borrowing €22,459 at a representative APR of 8.50% and the following:
- 58 monthly payments of:
€454.85
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€529.85
- Cash price:
€29,945.00
- Customer deposit:
€7,486.25
- Total deposit:
€7,486.25
- Amount of credit:
€22,458.75
- Total amount payable:
€34,927.25
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.50%