Hire Purchase (HP) representative example
Based on a cash price of €45,950 with a €11,488 deposit total, borrowing €34,463 at a representative APR of 9.30% and the following:
- 58 monthly payments of:
€711.21
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€786.21
- Cash price:
€45,950.00
- Customer deposit:
€11,487.50
- Total deposit:
€11,487.50
- Amount of credit:
€34,462.50
- Total amount payable:
€54,310.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.30%