Hire Purchase (HP) representative example
Based on a cash price of €41,945 with a €10,486 deposit total, borrowing €31,459 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€637.12
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€712.12
- Cash price:
€41,945.00
- Customer deposit:
€10,486.25
- Total deposit:
€10,486.25
- Amount of credit:
€31,458.75
- Total amount payable:
€48,863.45
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%