Hire Purchase (HP) representative example
Based on a cash price of €29,950 with a €7,488 deposit total, borrowing €22,463 at a representative APR of 9.40% and the following:
- 58 monthly payments of:
€463.56
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€538.56
- Cash price:
€29,950.00
- Customer deposit:
€7,487.50
- Total deposit:
€7,487.50
- Amount of credit:
€22,462.50
- Total amount payable:
€35,451.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.40%