Hire Purchase (HP) representative example
Based on a cash price of €50,950 with a €12,738 deposit total, borrowing €38,213 at a representative APR of 8.40% and the following:
- 58 monthly payments of:
€773.90
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€848.90
- Cash price:
€50,950.00
- Customer deposit:
€12,737.50
- Total deposit:
€12,737.50
- Amount of credit:
€38,212.50
- Total amount payable:
€59,321.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.40%