Hire Purchase (HP) representative example
Based on a cash price of €49,950 with a €12,488 deposit total, borrowing €37,463 at a representative APR of 8.70% and the following:
- 58 monthly payments of:
€763.20
- Fixed rate of interest per annum:
8.20%
- Optional final payment:
€838.20
- Cash price:
€49,950.00
- Customer deposit:
€12,487.50
- Total deposit:
€12,487.50
- Amount of credit:
€37,462.50
- Total amount payable:
€58,429.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.70%