Hire Purchase (HP) representative example
Based on a cash price of €26,950 with a €6,738 deposit total, borrowing €20,213 at a representative APR of 8.50% and the following:
- 58 monthly payments of:
€409.35
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€484.35
- Cash price:
€26,950.00
- Customer deposit:
€6,737.50
- Total deposit:
€6,737.50
- Amount of credit:
€20,212.50
- Total amount payable:
€31,448.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.50%