Hire Purchase (HP) representative example
Based on a cash price of €24,750 with a €8,663 deposit total, borrowing €16,088 at a representative APR of 8.60% and the following:
- 58 monthly payments of:
€325.81
- Final payment:
€400.81
- Cash price:
€24,750.00
- Customer deposit:
€8,662.50
- Total deposit:
€8,662.50
- Amount of credit:
€16,087.50
- Total amount payable:
€28,361.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.95%
- APR:
8.60%