Hire Purchase (HP) representative example
Based on a cash price of €54,950 with a €13,738 deposit total, borrowing €41,213 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€834.66
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€909.66
- Cash price:
€54,950.00
- Customer deposit:
€13,737.50
- Total deposit:
€13,737.50
- Amount of credit:
€41,212.50
- Total amount payable:
€63,967.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%