Hire Purchase (HP) representative example
Based on a cash price of €20,495 with a €5,124 deposit total, borrowing €15,371 at a representative APR of 9.50% and the following:
- 58 monthly payments of:
€317.22
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€392.22
- Cash price:
€20,495.00
- Customer deposit:
€5,123.75
- Total deposit:
€5,123.75
- Amount of credit:
€15,371.25
- Total amount payable:
€24,306.95
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.50%