Hire Purchase (HP) representative example
Based on a cash price of €28,950 with a €7,238 deposit total, borrowing €21,713 at a representative APR of 9.40% and the following:
- 58 monthly payments of:
€448.09
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€523.09
- Cash price:
€28,950.00
- Customer deposit:
€7,237.50
- Total deposit:
€7,237.50
- Amount of credit:
€21,712.50
- Total amount payable:
€34,272.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.40%