Hire Purchase (HP) representative example
Based on a cash price of €17,750 with a €6,213 deposit total, borrowing €11,538 at a representative APR of 9.60% and the following:
- 58 monthly payments of:
€238.10
- Final payment:
€313.10
- Cash price:
€17,750.00
- Customer deposit:
€6,212.50
- Total deposit:
€6,212.50
- Amount of credit:
€11,537.50
- Total amount payable:
€20,648.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
8.75%
- APR:
9.60%