Hire Purchase (HP) representative example
Based on a cash price of €59,950 with a €14,988 deposit total, borrowing €44,963 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€910.60
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€985.60
- Cash price:
€59,950.00
- Customer deposit:
€14,987.50
- Total deposit:
€14,987.50
- Amount of credit:
€44,962.50
- Total amount payable:
€69,773.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%