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Hire Purchase (HP) representative example
Based on a cash price of €47,950 with a €16,783 deposit total, borrowing €31,168 at a representative APR of 7.30% and the following:
- 58 monthly payments of: €615.68
- Final payment: €690.68
- Cash price: €47,950.00
- Customer deposit: €16,782.50
- Total deposit: €16,782.50
- Amount of credit: €31,167.50
- Total amount payable: €53,873.30
- Option to purchase fee: €75.00
- Documentation fee: €75.00
- Rate of interest: 6.90%
- APR: 7.30%