Hire Purchase (HP) representative example
Based on a cash price of €21,495 with a €5,374 deposit total, borrowing €16,121 at a representative APR of 9.50% and the following:
- 58 monthly payments of:
€332.70
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€407.70
- Cash price:
€21,495.00
- Customer deposit:
€5,373.75
- Total deposit:
€5,373.75
- Amount of credit:
€16,121.25
- Total amount payable:
€25,485.75
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.50%