Hire Purchase (HP) representative example
Based on a cash price of €14,995 with a €3,749 deposit total, borrowing €11,246 at a representative APR of 8.80% and the following:
- 58 monthly payments of:
€227.76
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€302.76
- Cash price:
€14,995.00
- Customer deposit:
€3,748.75
- Total deposit:
€3,748.75
- Amount of credit:
€11,246.25
- Total amount payable:
€17,564.35
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.80%