Hire Purchase (HP) representative example
Based on a cash price of €39,450 with a €9,863 deposit total, borrowing €29,588 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€599.22
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€674.22
- Cash price:
€39,450.00
- Customer deposit:
€9,862.50
- Total deposit:
€9,862.50
- Amount of credit:
€29,587.50
- Total amount payable:
€45,965.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%