Hire Purchase (HP) representative example
Based on a cash price of €12,950 with a €4,533 deposit total, borrowing €8,418 at a representative APR of 12.50% and the following:
- 58 monthly payments of:
€183.86
- Final payment:
€258.86
- Cash price:
€12,950.00
- Customer deposit:
€4,532.50
- Total deposit:
€4,532.50
- Amount of credit:
€8,417.50
- Total amount payable:
€15,714.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
11.20%
- APR:
12.50%