Hire Purchase (HP) representative example
Based on a cash price of €22,450 with a €7,858 deposit total, borrowing €14,593 at a representative APR of 8.60% and the following:
- 58 monthly payments of:
€295.53
- Final payment:
€370.53
- Cash price:
€22,450.00
- Customer deposit:
€7,857.50
- Total deposit:
€7,857.50
- Amount of credit:
€14,592.50
- Total amount payable:
€25,739.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.95%
- APR:
8.60%