Hire Purchase (HP) representative example
Based on a cash price of €32,950 with a €8,238 deposit total, borrowing €24,713 at a representative APR of 8.70% and the following:
- 58 monthly payments of:
€503.45
- Fixed rate of interest per annum:
8.20%
- Optional final payment:
€578.45
- Cash price:
€32,950.00
- Customer deposit:
€8,237.50
- Total deposit:
€8,237.50
- Amount of credit:
€24,712.50
- Total amount payable:
€38,594.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.70%