Hire Purchase (HP) representative example
Based on a cash price of €17,250 with a €4,313 deposit total, borrowing €12,938 at a representative APR of 8.70% and the following:
- 58 monthly payments of:
€262.02
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€337.02
- Cash price:
€17,250.00
- Customer deposit:
€4,312.50
- Total deposit:
€4,312.50
- Amount of credit:
€12,937.50
- Total amount payable:
€20,183.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.70%