Hire Purchase (HP) representative example
Based on a cash price of €19,495 with a €6,823 deposit total, borrowing €12,672 at a representative APR of 8.70% and the following:
- 58 monthly payments of:
€256.63
- Final payment:
€331.63
- Cash price:
€19,495.00
- Customer deposit:
€6,823.25
- Total deposit:
€6,823.25
- Amount of credit:
€12,671.75
- Total amount payable:
€22,371.05
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.95%
- APR:
8.70%