Hire Purchase (HP) representative example
Based on a cash price of €16,950 with a €5,933 deposit total, borrowing €11,018 at a representative APR of 8.80% and the following:
- 58 monthly payments of:
€223.13
- Final payment:
€298.13
- Cash price:
€16,950.00
- Customer deposit:
€5,932.50
- Total deposit:
€5,932.50
- Amount of credit:
€11,017.50
- Total amount payable:
€19,470.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.95%
- APR:
8.80%