Hire Purchase (HP) representative example
Based on a cash price of €55,500 with a €13,875 deposit total, borrowing €41,625 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€843.01
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€918.01
- Cash price:
€55,500.00
- Customer deposit:
€13,875.00
- Total deposit:
€13,875.00
- Amount of credit:
€41,625.00
- Total amount payable:
€64,605.60
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%