Hire Purchase (HP) representative example
Based on a cash price of €14,495 with a €3,624 deposit total, borrowing €10,871 at a representative APR of 8.80% and the following:
- 58 monthly payments of:
€220.17
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€295.17
- Cash price:
€14,495.00
- Customer deposit:
€3,623.75
- Total deposit:
€3,623.75
- Amount of credit:
€10,871.25
- Total amount payable:
€16,983.95
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.80%