Hire Purchase (HP) representative example
Based on a cash price of €27,500 with a €9,625 deposit total, borrowing €17,875 at a representative APR of 7.70% and the following:
- 58 monthly payments of:
€355.21
- Final payment:
€430.21
- Cash price:
€27,500.00
- Customer deposit:
€9,625.00
- Total deposit:
€9,625.00
- Amount of credit:
€17,875.00
- Total amount payable:
€31,087.60
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.15%
- APR:
7.70%