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 7.90% and the following:
- 58 monthly payments of:
€641.71
- Fixed rate of interest per annum:
7.45%
- Optional final payment:
€716.71
- Cash price:
€42,750.00
- Customer deposit:
€10,687.50
- Total deposit:
€10,687.50
- Amount of credit:
€32,062.50
- Total amount payable:
€49,340.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.90%