Hire Purchase (HP) representative example
Based on a cash price of €28,995 with a €7,249 deposit total, borrowing €21,746 at a representative APR of 8.50% and the following:
- 58 monthly payments of:
€440.42
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€515.42
- Cash price:
€28,995.00
- Customer deposit:
€7,248.75
- Total deposit:
€7,248.75
- Amount of credit:
€21,746.25
- Total amount payable:
€33,823.95
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.50%