Hire Purchase (HP) representative example
Based on a cash price of €20,320 with a €5,080 deposit total, borrowing €15,240 at a representative APR of 7.50% and the following:
- 58 monthly payments of:
€301.05
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€376.05
- Cash price:
€20,320.00
- Customer deposit:
€5,080.00
- Total deposit:
€5,080.00
- Amount of credit:
€15,240.00
- Total amount payable:
€23,293.00
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.50%