Hire Purchase (HP) representative example
Based on a cash price of €49,995 with a €12,499 deposit total, borrowing €37,496 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€759.39
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€834.39
- Cash price:
€49,995.00
- Customer deposit:
€12,498.75
- Total deposit:
€12,498.75
- Amount of credit:
€37,496.25
- Total amount payable:
€58,212.15
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%