Hire Purchase (HP) representative example
Based on a cash price of €21,995 with a €5,499 deposit total, borrowing €16,496 at a representative APR of 8.60% and the following:
- 58 monthly payments of:
€334.09
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€409.09
- Cash price:
€21,995.00
- Customer deposit:
€5,498.75
- Total deposit:
€5,498.75
- Amount of credit:
€16,496.25
- Total amount payable:
€25,694.15
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.60%