Hire Purchase (HP) representative example
Based on a cash price of €22,950 with a €5,738 deposit total, borrowing €17,213 at a representative APR of 7.50% and the following:
- 58 monthly payments of:
€340.02
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€415.02
- Cash price:
€22,950.00
- Customer deposit:
€5,737.50
- Total deposit:
€5,737.50
- Amount of credit:
€17,212.50
- Total amount payable:
€26,288.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.50%