Hire Purchase (HP) representative example
Based on a cash price of €22,500 with a €5,625 deposit total, borrowing €16,875 at a representative APR of 9.40% and the following:
- 58 monthly payments of:
€348.25
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€423.25
- Cash price:
€22,500.00
- Customer deposit:
€5,625.00
- Total deposit:
€5,625.00
- Amount of credit:
€16,875.00
- Total amount payable:
€26,670.00
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.40%