Hire Purchase (HP) representative example
Based on a cash price of €14,450 with a €3,613 deposit total, borrowing €10,838 at a representative APR of 9.60% and the following:
- 58 monthly payments of:
€223.66
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€298.66
- Cash price:
€14,450.00
- Customer deposit:
€3,612.50
- Total deposit:
€3,612.50
- Amount of credit:
€10,837.50
- Total amount payable:
€17,182.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.60%