Hire Purchase (HP) representative example
Based on a cash price of €24,450 with a €6,113 deposit total, borrowing €18,338 at a representative APR of 9.40% and the following:
- 58 monthly payments of:
€377.99
- Fixed rate of interest per annum:
8.70%
- Optional final payment:
€452.99
- Cash price:
€24,450.00
- Customer deposit:
€6,112.50
- Total deposit:
€6,112.50
- Amount of credit:
€18,337.50
- Total amount payable:
€28,941.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.40%