Hire Purchase (HP) representative example
Based on a cash price of €53,750 with a €13,438 deposit total, borrowing €40,313 at a representative APR of 8.90% and the following:
- 58 monthly payments of:
€826.10
- Fixed rate of interest per annum:
8.45%
- Optional final payment:
€901.10
- Cash price:
€53,750.00
- Customer deposit:
€13,437.50
- Total deposit:
€13,437.50
- Amount of credit:
€40,312.50
- Total amount payable:
€63,153.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.90%