Hire Purchase (HP) representative example
Based on a cash price of €37,950 with a €9,488 deposit total, borrowing €28,463 at a representative APR of 8.70% and the following:
- 58 monthly payments of:
€579.85
- Fixed rate of interest per annum:
8.20%
- Optional final payment:
€654.85
- Cash price:
€37,950.00
- Customer deposit:
€9,487.50
- Total deposit:
€9,487.50
- Amount of credit:
€28,462.50
- Total amount payable:
€44,428.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.70%