Hire Purchase (HP) representative example
Based on a cash price of €57,950 with a €14,488 deposit total, borrowing €43,463 at a representative APR of 9.20% and the following:
- 58 monthly payments of:
€896.95
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€971.95
- Cash price:
€57,950.00
- Customer deposit:
€14,487.50
- Total deposit:
€14,487.50
- Amount of credit:
€43,462.50
- Total amount payable:
€68,454.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.20%