Hire Purchase (HP) representative example
Based on a cash price of €39,950 with a €9,988 deposit total, borrowing €29,963 at a representative APR of 9.30% and the following:
- 58 monthly payments of:
€618.34
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€693.34
- Cash price:
€39,950.00
- Customer deposit:
€9,987.50
- Total deposit:
€9,987.50
- Amount of credit:
€29,962.50
- Total amount payable:
€47,237.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.30%