Hire Purchase (HP) representative example
Based on a cash price of €27,000 with a €9,450 deposit total, borrowing €17,550 at a representative APR of 7.70% and the following:
- 58 monthly payments of:
€348.75
- Final payment:
€423.75
- Cash price:
€27,000.00
- Customer deposit:
€9,450.00
- Total deposit:
€9,450.00
- Amount of credit:
€17,550.00
- Total amount payable:
€30,525.00
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.15%
- APR:
7.70%