Hire Purchase (HP) representative example
Based on a cash price of €27,000 with a €6,750 deposit total, borrowing €20,250 at a representative APR of 8.50% and the following:
- 58 monthly payments of:
€410.11
- Fixed rate of interest per annum:
7.95%
- Optional final payment:
€485.11
- Cash price:
€27,000.00
- Customer deposit:
€6,750.00
- Total deposit:
€6,750.00
- Amount of credit:
€20,250.00
- Total amount payable:
€31,506.60
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
8.50%