Hire Purchase (HP) representative example
Based on a cash price of €32,450 with a €8,113 deposit total, borrowing €24,338 at a representative APR of 9.00% and the following:
- 58 monthly payments of:
€498.73
- Fixed rate of interest per annum:
8.45%
- Optional final payment:
€573.73
- Cash price:
€32,450.00
- Customer deposit:
€8,112.50
- Total deposit:
€8,112.50
- Amount of credit:
€24,337.50
- Total amount payable:
€38,186.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.00%