Hire Purchase (HP) representative example
Based on a cash price of €16,260 with a €4,065 deposit total, borrowing €12,195 at a representative APR of 8.70% and the following:
- 58 monthly payments of:
€246.98
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€321.98
- Cash price:
€16,260.00
- Customer deposit:
€4,065.00
- Total deposit:
€4,065.00
- Amount of credit:
€12,195.00
- Total amount payable:
€19,033.80
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.70%