Hire Purchase (HP) representative example
Based on a cash price of €14,950 with a €5,233 deposit total, borrowing €9,718 at a representative APR of 9.70% and the following:
- 58 monthly payments of:
€200.54
- Final payment:
€275.54
- Cash price:
€14,950.00
- Customer deposit:
€5,232.50
- Total deposit:
€5,232.50
- Amount of credit:
€9,717.50
- Total amount payable:
€17,414.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
8.75%
- APR:
9.70%