Hire Purchase (HP) representative example
Based on a cash price of €89,925 with a €31,474 deposit total, borrowing €58,451 at a representative APR of 7.50% and the following:
- 58 monthly payments of:
€1,161.55
- Final payment:
€1,236.55
- Cash price:
€89,925.00
- Customer deposit:
€31,473.75
- Total deposit:
€31,473.75
- Amount of credit:
€58,451.25
- Total amount payable:
€101,316.75
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.15%
- APR:
7.50%