Hire Purchase (HP) representative example
Based on a cash price of €42,750 with a €10,688 deposit total, borrowing €32,063 at a representative APR of 9.30% and the following:
- 58 monthly payments of:
€661.68
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€736.68
- Cash price:
€42,750.00
- Customer deposit:
€10,687.50
- Total deposit:
€10,687.50
- Amount of credit:
€32,062.50
- Total amount payable:
€50,538.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.30%