Hire Purchase (HP) representative example
Based on a cash price of €25,950 with a €6,488 deposit total, borrowing €19,463 at a representative APR of 8.50% and the following:
- 58 monthly payments of:
€394.16
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€469.16
- Cash price:
€25,950.00
- Customer deposit:
€6,487.50
- Total deposit:
€6,487.50
- Amount of credit:
€19,462.50
- Total amount payable:
€30,287.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.50%