Hire Purchase (HP) representative example
Based on a cash price of €44,950 with a €11,238 deposit total, borrowing €33,713 at a representative APR of 9.30% and the following:
- 58 monthly payments of:
€695.73
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€770.73
- Cash price:
€44,950.00
- Customer deposit:
€11,237.50
- Total deposit:
€11,237.50
- Amount of credit:
€33,712.50
- Total amount payable:
€53,131.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.30%