Hire Purchase (HP) representative example
Based on a cash price of €20,950 with a €7,333 deposit total, borrowing €13,618 at a representative APR of 8.70% and the following:
- 58 monthly payments of:
€275.79
- Final payment:
€350.79
- Cash price:
€20,950.00
- Customer deposit:
€7,332.50
- Total deposit:
€7,332.50
- Amount of credit:
€13,617.50
- Total amount payable:
€24,029.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.95%
- APR:
8.70%