Hire Purchase (HP) representative example
Based on a cash price of €58,950 with a €20,633 deposit total, borrowing €38,318 at a representative APR of 8.90% and the following:
- 58 monthly payments of:
€785.22
- Final payment:
€860.22
- Cash price:
€58,950.00
- Customer deposit:
€20,632.50
- Total deposit:
€20,632.50
- Amount of credit:
€38,317.50
- Total amount payable:
€67,895.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
8.45%
- APR:
8.90%