Hire Purchase (HP) representative example
Based on a cash price of €18,450 with a €6,458 deposit total, borrowing €11,993 at a representative APR of 8.70% and the following:
- 58 monthly payments of:
€242.88
- Final payment:
€317.88
- Cash price:
€18,450.00
- Customer deposit:
€6,457.50
- Total deposit:
€6,457.50
- Amount of credit:
€11,992.50
- Total amount payable:
€21,180.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.95%
- APR:
8.70%