Hire Purchase (HP) representative example
Based on a cash price of €50,850 with a €12,713 deposit total, borrowing €38,138 at a representative APR of 7.30% and the following:
- 58 monthly payments of:
€753.37
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€828.37
- Cash price:
€50,850.00
- Customer deposit:
€12,712.50
- Total deposit:
€12,712.50
- Amount of credit:
€38,137.50
- Total amount payable:
€58,064.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.30%