Hire Purchase (HP) representative example
Based on a cash price of €7,950 with a €2,783 deposit total, borrowing €5,168 at a representative APR of 12.60% and the following:
- 58 monthly payments of:
€112.23
- Final payment:
€187.23
- Cash price:
€7,950.00
- Customer deposit:
€2,782.50
- Total deposit:
€2,782.50
- Amount of credit:
€5,167.50
- Total amount payable:
€9,666.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
10.95%
- APR:
12.60%