Hire Purchase (HP) representative example
Based on a cash price of €21,450 with a €7,508 deposit total, borrowing €13,943 at a representative APR of 8.70% and the following:
- 58 monthly payments of:
€282.37
- Final payment:
€357.37
- Cash price:
€21,450.00
- Customer deposit:
€7,507.50
- Total deposit:
€7,507.50
- Amount of credit:
€13,942.50
- Total amount payable:
€24,599.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.95%
- APR:
8.70%