Hire Purchase (HP) representative example
Based on a cash price of €10,750 with a €3,763 deposit total, borrowing €6,988 at a representative APR of 12.60% and the following:
- 58 monthly payments of:
€152.62
- Final payment:
€227.62
- Cash price:
€10,750.00
- Customer deposit:
€3,762.50
- Total deposit:
€3,762.50
- Amount of credit:
€6,987.50
- Total amount payable:
€13,069.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
11.20%
- APR:
12.60%