Hire Purchase (HP) representative example
Based on a cash price of €21,481 with a €5,370 deposit total, borrowing €16,111 at a representative APR of 7.50% and the following:
- 58 monthly payments of:
€318.25
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€393.25
- Cash price:
€21,481.00
- Customer deposit:
€5,370.25
- Total deposit:
€5,370.25
- Amount of credit:
€16,110.75
- Total amount payable:
€24,615.25
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.50%