Hire Purchase (HP) representative example
Based on a cash price of €23,228 with a €8,130 deposit total, borrowing €15,098 at a representative APR of 7.50% and the following:
- 58 monthly payments of:
€298.25
- Final payment:
€373.25
- Cash price:
€23,228.00
- Customer deposit:
€8,129.80
- Total deposit:
€8,129.80
- Amount of credit:
€15,098.20
- Total amount payable:
€26,174.80
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
6.90%
- APR:
7.50%