Hire Purchase (HP) representative example
Based on a cash price of €18,950 with a €6,633 deposit total, borrowing €12,318 at a representative APR of 8.70% and the following:
- 58 monthly payments of:
€249.46
- Final payment:
€324.46
- Cash price:
€18,950.00
- Customer deposit:
€6,632.50
- Total deposit:
€6,632.50
- Amount of credit:
€12,317.50
- Total amount payable:
€21,750.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.95%
- APR:
8.70%