Hire Purchase (HP) representative example
Based on a cash price of €41,950 with a €10,488 deposit total, borrowing €31,463 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€637.19
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€712.19
- Cash price:
€41,950.00
- Customer deposit:
€10,487.50
- Total deposit:
€10,487.50
- Amount of credit:
€31,462.50
- Total amount payable:
€48,868.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%