Hire Purchase (HP) representative example
Based on a cash price of €18,695 with a €4,674 deposit total, borrowing €14,021 at a representative APR of 9.20% and the following:
- 58 monthly payments of:
€287.33
- Fixed rate of interest per annum:
8.45%
- Optional final payment:
€362.33
- Cash price:
€18,695.00
- Customer deposit:
€4,673.75
- Total deposit:
€4,673.75
- Amount of credit:
€14,021.25
- Total amount payable:
€22,063.55
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.20%