Hire Purchase (HP) representative example
Based on a cash price of €27,950 with a €6,988 deposit total, borrowing €20,963 at a representative APR of 8.50% and the following:
- 58 monthly payments of:
€424.54
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€499.54
- Cash price:
€27,950.00
- Customer deposit:
€6,987.50
- Total deposit:
€6,987.50
- Amount of credit:
€20,962.50
- Total amount payable:
€32,609.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.50%