Hire Purchase (HP) representative example
Based on a cash price of €22,950 with a €5,738 deposit total, borrowing €17,213 at a representative APR of 9.40% and the following:
- 58 monthly payments of:
€354.80
- Fixed rate of interest per annum:
8.70%
- Optional final payment:
€429.80
- Cash price:
€22,950.00
- Customer deposit:
€5,737.50
- Total deposit:
€5,737.50
- Amount of credit:
€17,212.50
- Total amount payable:
€27,175.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.40%