Hire Purchase (HP) representative example
Based on a cash price of €17,250 with a €6,038 deposit total, borrowing €11,213 at a representative APR of 9.60% and the following:
- 58 monthly payments of:
€231.12
- Final payment:
€306.12
- Cash price:
€17,250.00
- Customer deposit:
€6,037.50
- Total deposit:
€6,037.50
- Amount of credit:
€11,212.50
- Total amount payable:
€20,054.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
8.70%
- APR:
9.60%