Hire Purchase (HP) representative example
Based on a cash price of €20,500 with a €5,125 deposit total, borrowing €15,375 at a representative APR of 8.60% and the following:
- 58 monthly payments of:
€311.38
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€386.38
- Cash price:
€20,500.00
- Customer deposit:
€5,125.00
- Total deposit:
€5,125.00
- Amount of credit:
€15,375.00
- Total amount payable:
€23,957.80
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.60%