Hire Purchase (HP) representative example
Based on a cash price of €18,495 with a €4,624 deposit total, borrowing €13,871 at a representative APR of 7.50% and the following:
- 58 monthly payments of:
€274.01
- Fixed rate of interest per annum:
6.90%
- Optional final payment:
€349.01
- Cash price:
€18,495.00
- Customer deposit:
€4,623.75
- Total deposit:
€4,623.75
- Amount of credit:
€13,871.25
- Total amount payable:
€21,214.35
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
7.50%