Hire Purchase (HP) representative example
Based on a cash price of €27,500 with a €6,875 deposit total, borrowing €20,625 at a representative APR of 9.40% and the following:
- 58 monthly payments of:
€425.64
- Fixed rate of interest per annum:
8.75%
- Optional final payment:
€500.64
- Cash price:
€27,500.00
- Customer deposit:
€6,875.00
- Total deposit:
€6,875.00
- Amount of credit:
€20,625.00
- Total amount payable:
€32,563.40
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- APR:
9.40%