Hire Purchase (HP) representative example
Based on a cash price of €51,450 with a €12,863 deposit total, borrowing €38,588 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€781.49
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€856.49
- Cash price:
€51,450.00
- Customer deposit:
€12,862.50
- Total deposit:
€12,862.50
- Amount of credit:
€38,587.50
- Total amount payable:
€59,901.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%