Hire Purchase (HP) representative example
Based on a cash price of €14,750 with a €5,163 deposit total, borrowing €9,588 at a representative APR of 8.80% and the following:
- 58 monthly payments of:
€194.17
- Final payment:
€269.17
- Cash price:
€14,750.00
- Customer deposit:
€5,162.50
- Total deposit:
€5,162.50
- Amount of credit:
€9,587.50
- Total amount payable:
€16,962.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.95%
- APR:
8.80%