Hire Purchase (HP) representative example
Based on a cash price of €47,000 with a €11,750 deposit total, borrowing €35,250 at a representative APR of 7.30% and the following:
- 58 monthly payments of:
€696.33
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€771.33
- Cash price:
€47,000.00
- Customer deposit:
€11,750.00
- Total deposit:
€11,750.00
- Amount of credit:
€35,250.00
- Total amount payable:
€53,679.80
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.30%