Hire Purchase (HP) representative example
Based on a cash price of €19,250 with a €6,738 deposit total, borrowing €12,513 at a representative APR of 8.70% and the following:
- 58 monthly payments of:
€253.41
- Final payment:
€328.41
- Cash price:
€19,250.00
- Customer deposit:
€6,737.50
- Total deposit:
€6,737.50
- Amount of credit:
€12,512.50
- Total amount payable:
€22,092.10
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.95%
- APR:
8.70%