Hire Purchase (HP) representative example
Based on a cash price of €40,495 with a €10,124 deposit total, borrowing €30,371 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€615.09
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€690.09
- Cash price:
€40,495.00
- Customer deposit:
€10,123.75
- Total deposit:
€10,123.75
- Amount of credit:
€30,371.25
- Total amount payable:
€47,179.15
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%