Hire Purchase (HP) representative example
Based on a cash price of €43,950 with a €10,988 deposit total, borrowing €32,963 at a representative APR of 9.30% and the following:
- 58 monthly payments of:
€680.25
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€755.25
- Cash price:
€43,950.00
- Customer deposit:
€10,987.50
- Total deposit:
€10,987.50
- Amount of credit:
€32,962.50
- Total amount payable:
€51,952.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.30%