Hire Purchase (HP) representative example
Based on a cash price of €23,750 with a €5,938 deposit total, borrowing €17,813 at a representative APR of 9.40% and the following:
- 58 monthly payments of:
€367.60
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€442.60
- Cash price:
€23,750.00
- Customer deposit:
€5,937.50
- Total deposit:
€5,937.50
- Amount of credit:
€17,812.50
- Total amount payable:
€28,143.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.40%