Hire Purchase (HP) representative example
Based on a cash price of €20,950 with a €5,238 deposit total, borrowing €15,713 at a representative APR of 9.10% and the following:
- 58 monthly payments of:
€321.99
- Fixed rate of interest per annum:
8.45%
- Optional final payment:
€396.99
- Cash price:
€20,950.00
- Customer deposit:
€5,237.50
- Total deposit:
€5,237.50
- Amount of credit:
€15,712.50
- Total amount payable:
€24,706.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.10%