Hire Purchase (HP) representative example
Based on a cash price of €15,950 with a €3,988 deposit total, borrowing €11,963 at a representative APR of 9.60% and the following:
- 58 monthly payments of:
€246.87
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€321.87
- Cash price:
€15,950.00
- Customer deposit:
€3,987.50
- Total deposit:
€3,987.50
- Amount of credit:
€11,962.50
- Total amount payable:
€18,949.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.60%