Hire Purchase (HP) representative example
Based on a cash price of €69,950 with a €17,488 deposit total, borrowing €52,463 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€1,062.50
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€1,137.50
- Cash price:
€69,950.00
- Customer deposit:
€17,487.50
- Total deposit:
€17,487.50
- Amount of credit:
€52,462.50
- Total amount payable:
€81,387.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%