Hire Purchase (HP) representative example
Based on a cash price of €25,200 with a €8,820 deposit total, borrowing €16,380 at a representative APR of 7.70% and the following:
- 58 monthly payments of:
€325.50
- Final payment:
€400.50
- Cash price:
€25,200.00
- Customer deposit:
€8,820.00
- Total deposit:
€8,820.00
- Amount of credit:
€16,380.00
- Total amount payable:
€28,500.00
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.15%
- APR:
7.70%