Hire Purchase (HP) representative example
Based on a cash price of €15,950 with a €5,583 deposit total, borrowing €10,368 at a representative APR of 8.80% and the following:
- 58 monthly payments of:
€209.97
- Final payment:
€284.97
- Cash price:
€15,950.00
- Customer deposit:
€5,582.50
- Total deposit:
€5,582.50
- Amount of credit:
€10,367.50
- Total amount payable:
€18,330.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.95%
- APR:
8.80%