Hire Purchase (HP) representative example
Based on a cash price of €34,450 with a €8,613 deposit total, borrowing €25,838 at a representative APR of 8.70% and the following:
- 58 monthly payments of:
€526.37
- Fixed rate of interest per annum:
8.20%
- Optional final payment:
€601.37
- Cash price:
€34,450.00
- Customer deposit:
€8,612.50
- Total deposit:
€8,612.50
- Amount of credit:
€25,837.50
- Total amount payable:
€40,344.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.70%