Hire Purchase (HP) representative example
Based on a cash price of €23,450 with a €5,863 deposit total, borrowing €17,588 at a representative APR of 8.60% and the following:
- 58 monthly payments of:
€356.19
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€431.19
- Cash price:
€23,450.00
- Customer deposit:
€5,862.50
- Total deposit:
€5,862.50
- Amount of credit:
€17,587.50
- Total amount payable:
€27,383.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.60%