Hire Purchase (HP) representative example
Based on a cash price of €33,000 with a €8,250 deposit total, borrowing €24,750 at a representative APR of 8.50% and the following:
- 58 monthly payments of:
€501.25
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€576.25
- Cash price:
€33,000.00
- Customer deposit:
€8,250.00
- Total deposit:
€8,250.00
- Amount of credit:
€24,750.00
- Total amount payable:
€38,475.00
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.50%