Hire Purchase (HP) representative example
Based on a cash price of €27,900 with a €6,975 deposit total, borrowing €20,925 at a representative APR of 7.40% and the following:
- 58 monthly payments of:
€413.35
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€488.35
- Cash price:
€27,900.00
- Customer deposit:
€6,975.00
- Total deposit:
€6,975.00
- Amount of credit:
€20,925.00
- Total amount payable:
€31,926.00
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.40%