Hire Purchase (HP) representative example
Based on a cash price of €24,750 with a €6,188 deposit total, borrowing €18,563 at a representative APR of 9.40% and the following:
- 58 monthly payments of:
€383.08
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€458.08
- Cash price:
€24,750.00
- Customer deposit:
€6,187.50
- Total deposit:
€6,187.50
- Amount of credit:
€18,562.50
- Total amount payable:
€29,322.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.40%