Hire Purchase (HP) representative example
Based on a cash price of €22,077 with a €5,519 deposit total, borrowing €16,558 at a representative APR of 7.50% and the following:
- 58 monthly payments of:
€327.08
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€402.08
- Cash price:
€22,077.00
- Customer deposit:
€5,519.25
- Total deposit:
€5,519.25
- Amount of credit:
€16,557.75
- Total amount payable:
€25,294.05
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.50%