Hire Purchase (HP) representative example
Based on a cash price of €19,450 with a €6,808 deposit total, borrowing €12,643 at a representative APR of 9.00% and the following:
- 58 monthly payments of:
€257.56
- Final payment:
€332.56
- Cash price:
€19,450.00
- Customer deposit:
€6,807.50
- Total deposit:
€6,807.50
- Amount of credit:
€12,642.50
- Total amount payable:
€22,411.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
8.20%
- APR:
9.00%