Hire Purchase (HP) representative example
Based on a cash price of €25,950 with a €6,488 deposit total, borrowing €19,463 at a representative APR of 8.80% and the following:
- 58 monthly payments of:
€396.49
- Fixed rate of interest per annum:
8.20%
- Optional final payment:
€471.49
- Cash price:
€25,950.00
- Customer deposit:
€6,487.50
- Total deposit:
€6,487.50
- Amount of credit:
€19,462.50
- Total amount payable:
€30,426.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.80%