Hire Purchase (HP) representative example
Based on a cash price of €55,950 with a €13,988 deposit total, borrowing €41,963 at a representative APR of 9.20% and the following:
- 58 monthly payments of:
€865.99
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€940.99
- Cash price:
€55,950.00
- Customer deposit:
€13,987.50
- Total deposit:
€13,987.50
- Amount of credit:
€41,962.50
- Total amount payable:
€66,096.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.20%