Hire Purchase (HP) representative example
Based on a cash price of €16,750 with a €5,863 deposit total, borrowing €10,888 at a representative APR of 8.80% and the following:
- 58 monthly payments of:
€220.50
- Final payment:
€295.50
- Cash price:
€16,750.00
- Customer deposit:
€5,862.50
- Total deposit:
€5,862.50
- Amount of credit:
€10,887.50
- Total amount payable:
€19,242.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.95%
- APR:
8.80%