Hire Purchase (HP) representative example
Based on a cash price of €17,950 with a €6,283 deposit total, borrowing €11,668 at a representative APR of 8.70% and the following:
- 58 monthly payments of:
€236.30
- Final payment:
€311.30
- Cash price:
€17,950.00
- Customer deposit:
€6,282.50
- Total deposit:
€6,282.50
- Amount of credit:
€11,667.50
- Total amount payable:
€20,610.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.95%
- APR:
8.70%