Hire Purchase (HP) representative example
Based on a cash price of €36,950 with a €9,238 deposit total, borrowing €27,713 at a representative APR of 8.50% and the following:
- 58 monthly payments of:
€561.25
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€636.25
- Cash price:
€36,950.00
- Customer deposit:
€9,237.50
- Total deposit:
€9,237.50
- Amount of credit:
€27,712.50
- Total amount payable:
€43,062.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.50%