Hire Purchase (HP) representative example
Based on a cash price of €33,250 with a €11,638 deposit total, borrowing €21,613 at a representative APR of 7.40% and the following:
- 58 monthly payments of:
€426.93
- Final payment:
€501.93
- Cash price:
€33,250.00
- Customer deposit:
€11,637.50
- Total deposit:
€11,637.50
- Amount of credit:
€21,612.50
- Total amount payable:
€37,403.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
6.90%
- APR:
7.40%