Hire Purchase (HP) representative example
Based on a cash price of €18,750 with a €4,688 deposit total, borrowing €14,063 at a representative APR of 9.50% and the following:
- 58 monthly payments of:
€290.21
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€365.21
- Cash price:
€18,750.00
- Customer deposit:
€4,687.50
- Total deposit:
€4,687.50
- Amount of credit:
€14,062.50
- Total amount payable:
€22,250.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.50%