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Hire Purchase (HP) representative example
Based on a cash price of €29,400 with a €10,290 deposit total, borrowing €19,110 at a representative APR of 7.40% and the following:
- 58 monthly payments of: €377.50
- Final payment: €452.50
- Cash price: €29,400.00
- Customer deposit: €10,290.00
- Total deposit: €10,290.00
- Amount of credit: €19,110.00
- Total amount payable: €33,090.00
- Option to purchase fee: €75.00
- Documentation fee: €75.00
- Rate of interest: 6.90%
- APR: 7.40%