Hire Purchase (HP) representative example
Based on a cash price of €21,950 with a €7,683 deposit total, borrowing €14,268 at a representative APR of 7.50% and the following:
- 58 monthly payments of:
€281.84
- Final payment:
€356.84
- Cash price:
€21,950.00
- Customer deposit:
€7,682.50
- Total deposit:
€7,682.50
- Amount of credit:
€14,267.50
- Total amount payable:
€24,742.90
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
6.90%
- APR:
7.50%