Hire Purchase (HP) representative example
Based on a cash price of €71,097 with a €17,774 deposit total, borrowing €53,323 at a representative APR of 7.20% and the following:
- 58 monthly payments of:
€1,053.34
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€1,128.34
- Cash price:
€71,097.00
- Customer deposit:
€17,774.25
- Total deposit:
€17,774.25
- Amount of credit:
€53,322.75
- Total amount payable:
€81,124.65
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.20%