Hire Purchase (HP) representative example
Based on a cash price of €32,450 with a €11,358 deposit total, borrowing €21,093 at a representative APR of 7.40% and the following:
- 58 monthly payments of:
€416.66
- Final payment:
€491.66
- Cash price:
€32,450.00
- Customer deposit:
€11,357.50
- Total deposit:
€11,357.50
- Amount of credit:
€21,092.50
- Total amount payable:
€36,507.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
6.90%
- APR:
7.40%