Hire Purchase (HP) representative example
Based on a cash price of €28,750 with a €10,063 deposit total, borrowing €18,688 at a representative APR of 7.70% and the following:
- 58 monthly payments of:
€371.36
- Final payment:
€446.36
- Cash price:
€28,750.00
- Customer deposit:
€10,062.50
- Total deposit:
€10,062.50
- Amount of credit:
€18,687.50
- Total amount payable:
€32,494.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.15%
- APR:
7.70%