Hire Purchase (HP) representative example
Based on a cash price of €26,445 with a €6,611 deposit total, borrowing €19,834 at a representative APR of 9.10% and the following:
- 58 monthly payments of:
€406.44
- Fixed rate of interest per annum:
8.45%
- Optional final payment:
€481.44
- Cash price:
€26,445.00
- Customer deposit:
€6,611.25
- Total deposit:
€6,611.25
- Amount of credit:
€19,833.75
- Total amount payable:
€31,147.65
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.10%