Hire Purchase (HP) representative example
Based on a cash price of €56,950 with a €14,238 deposit total, borrowing €42,713 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€865.03
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€940.03
- Cash price:
€56,950.00
- Customer deposit:
€14,237.50
- Total deposit:
€14,237.50
- Amount of credit:
€42,712.50
- Total amount payable:
€66,289.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%