Hire Purchase (HP) representative example
Based on a cash price of €20,950 with a €5,238 deposit total, borrowing €15,713 at a representative APR of 8.90% and the following:
- 58 monthly payments of:
€320.10
- Fixed rate of interest per annum:
8.20%
- Optional final payment:
€395.10
- Cash price:
€20,950.00
- Customer deposit:
€5,237.50
- Total deposit:
€5,237.50
- Amount of credit:
€15,712.50
- Total amount payable:
€24,593.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.90%