Hire Purchase (HP) representative example
Based on a cash price of €48,750 with a €17,063 deposit total, borrowing €31,688 at a representative APR of 7.60% and the following:
- 58 monthly payments of:
€629.70
- Final payment:
€704.70
- Cash price:
€48,750.00
- Customer deposit:
€17,062.50
- Total deposit:
€17,062.50
- Amount of credit:
€31,687.50
- Total amount payable:
€54,994.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.15%
- APR:
7.60%