Hire Purchase (HP) representative example
Based on a cash price of €19,950 with a €6,983 deposit total, borrowing €12,968 at a representative APR of 7.60% and the following:
- 58 monthly payments of:
€256.16
- Final payment:
€331.16
- Cash price:
€19,950.00
- Customer deposit:
€6,982.50
- Total deposit:
€6,982.50
- Amount of credit:
€12,967.50
- Total amount payable:
€22,502.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
6.90%
- APR:
7.60%