Hire Purchase (HP) representative example
Based on a cash price of €37,950 with a €13,283 deposit total, borrowing €24,668 at a representative APR of 7.40% and the following:
- 58 monthly payments of:
€487.28
- Final payment:
€562.28
- Cash price:
€37,950.00
- Customer deposit:
€13,282.50
- Total deposit:
€13,282.50
- Amount of credit:
€24,667.50
- Total amount payable:
€42,669.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
6.90%
- APR:
7.40%