Hire Purchase (HP) representative example
Based on a cash price of €21,750 with a €7,613 deposit total, borrowing €14,138 at a representative APR of 7.50% and the following:
- 58 monthly payments of:
€279.27
- Final payment:
€354.27
- Cash price:
€21,750.00
- Customer deposit:
€7,612.50
- Total deposit:
€7,612.50
- Amount of credit:
€14,137.50
- Total amount payable:
€24,518.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
6.90%
- APR:
7.50%