Hire Purchase (HP) representative example
Based on a cash price of €19,950 with a €4,988 deposit total, borrowing €14,963 at a representative APR of 9.50% and the following:
- 58 monthly payments of:
€308.78
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€383.78
- Cash price:
€19,950.00
- Customer deposit:
€4,987.50
- Total deposit:
€4,987.50
- Amount of credit:
€14,962.50
- Total amount payable:
€23,664.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.50%