Hire Purchase (HP) representative example
Based on a cash price of €24,950 with a €6,238 deposit total, borrowing €18,713 at a representative APR of 9.40% and the following:
- 58 monthly payments of:
€386.17
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€461.17
- Cash price:
€24,950.00
- Customer deposit:
€6,237.50
- Total deposit:
€6,237.50
- Amount of credit:
€18,712.50
- Total amount payable:
€29,557.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.40%