Hire Purchase (HP) representative example
Based on a cash price of €39,750 with a €9,938 deposit total, borrowing €29,813 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€603.78
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€678.78
- Cash price:
€39,750.00
- Customer deposit:
€9,937.50
- Total deposit:
€9,937.50
- Amount of credit:
€29,812.50
- Total amount payable:
€46,314.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%