Hire Purchase (HP) representative example
Based on a cash price of €19,750 with a €6,913 deposit total, borrowing €12,838 at a representative APR of 9.20% and the following:
- 58 monthly payments of:
€263.07
- Final payment:
€338.07
- Cash price:
€19,750.00
- Customer deposit:
€6,912.50
- Total deposit:
€6,912.50
- Amount of credit:
€12,837.50
- Total amount payable:
€22,846.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
8.45%
- APR:
9.20%