Hire Purchase (HP) representative example
Based on a cash price of €77,445 with a €19,361 deposit total, borrowing €58,084 at a representative APR of 7.20% and the following:
- 58 monthly payments of:
€1,147.39
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€1,222.39
- Cash price:
€77,445.00
- Customer deposit:
€19,361.25
- Total deposit:
€19,361.25
- Amount of credit:
€58,083.75
- Total amount payable:
€88,354.65
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.20%