Hire Purchase (HP) representative example
Based on a cash price of €12,750 with a €4,463 deposit total, borrowing €8,288 at a representative APR of 12.80% and the following:
- 58 monthly payments of:
€182.06
- Final payment:
€257.06
- Cash price:
€12,750.00
- Customer deposit:
€4,462.50
- Total deposit:
€4,462.50
- Amount of credit:
€8,287.50
- Total amount payable:
€15,536.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
11.45%
- APR:
12.80%