Hire Purchase (HP) representative example
Based on a cash price of €77,950 with a €27,283 deposit total, borrowing €50,668 at a representative APR of 8.90% and the following:
- 58 monthly payments of:
€1,038.30
- Final payment:
€1,113.30
- Cash price:
€77,950.00
- Customer deposit:
€27,282.50
- Total deposit:
€27,282.50
- Amount of credit:
€50,667.50
- Total amount payable:
€89,730.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
8.45%
- APR:
8.90%