Hire Purchase (HP) representative example
Based on a cash price of €40,950 with a €10,238 deposit total, borrowing €30,713 at a representative APR of 9.00% and the following:
- 58 monthly payments of:
€629.37
- Fixed rate of interest per annum:
8.45%
- Optional final payment:
€704.37
- Cash price:
€40,950.00
- Customer deposit:
€10,237.50
- Total deposit:
€10,237.50
- Amount of credit:
€30,712.50
- Total amount payable:
€48,149.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.00%