Hire Purchase (HP) representative example
Based on a cash price of €59,995 with a €14,999 deposit total, borrowing €44,996 at a representative APR of 9.20% and the following:
- 58 monthly payments of:
€928.60
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€1,003.60
- Cash price:
€59,995.00
- Customer deposit:
€14,998.75
- Total deposit:
€14,998.75
- Amount of credit:
€44,996.25
- Total amount payable:
€70,864.75
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.20%