Hire Purchase (HP) representative example
Based on a cash price of €31,950 with a €7,988 deposit total, borrowing €23,963 at a representative APR of 9.00% and the following:
- 58 monthly payments of:
€491.05
- Fixed rate of interest per annum:
8.45%
- Optional final payment:
€566.05
- Cash price:
€31,950.00
- Customer deposit:
€7,987.50
- Total deposit:
€7,987.50
- Amount of credit:
€23,962.50
- Total amount payable:
€37,600.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.00%