Hire Purchase (HP) representative example
Based on a cash price of €15,650 with a €5,478 deposit total, borrowing €10,173 at a representative APR of 8.80% and the following:
- 58 monthly payments of:
€206.02
- Final payment:
€281.02
- Cash price:
€15,650.00
- Customer deposit:
€5,477.50
- Total deposit:
€5,477.50
- Amount of credit:
€10,172.50
- Total amount payable:
€17,988.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.95%
- APR:
8.80%