Hire Purchase (HP) representative example
Based on a cash price of €13,950 with a €4,883 deposit total, borrowing €9,068 at a representative APR of 10.60% and the following:
- 58 monthly payments of:
€190.43
- Final payment:
€265.43
- Cash price:
€13,950.00
- Customer deposit:
€4,882.50
- Total deposit:
€4,882.50
- Amount of credit:
€9,067.50
- Total amount payable:
€16,458.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
9.50%
- APR:
10.60%