Hire Purchase (HP) representative example
Based on a cash price of €30,945 with a €7,736 deposit total, borrowing €23,209 at a representative APR of 8.50% and the following:
- 58 monthly payments of:
€470.03
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€545.03
- Cash price:
€30,945.00
- Customer deposit:
€7,736.25
- Total deposit:
€7,736.25
- Amount of credit:
€23,208.75
- Total amount payable:
€36,088.05
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.50%