Hire Purchase (HP) representative example
Based on a cash price of €67,850 with a €16,963 deposit total, borrowing €50,888 at a representative APR of 7.20% and the following:
- 58 monthly payments of:
€1,005.23
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€1,080.23
- Cash price:
€67,850.00
- Customer deposit:
€16,962.50
- Total deposit:
€16,962.50
- Amount of credit:
€50,887.50
- Total amount payable:
€77,426.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.20%