Hire Purchase (HP) representative example
Based on a cash price of €48,450 with a €12,113 deposit total, borrowing €36,338 at a representative APR of 8.90% and the following:
- 58 monthly payments of:
€744.64
- Fixed rate of interest per annum:
8.45%
- Optional final payment:
€819.64
- Cash price:
€48,450.00
- Customer deposit:
€12,112.50
- Total deposit:
€12,112.50
- Amount of credit:
€36,337.50
- Total amount payable:
€56,940.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.90%