Hire Purchase (HP) representative example
Based on a cash price of €47,950 with a €11,988 deposit total, borrowing €35,963 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€728.33
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€803.33
- Cash price:
€47,950.00
- Customer deposit:
€11,987.50
- Total deposit:
€11,987.50
- Amount of credit:
€35,962.50
- Total amount payable:
€55,837.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%