Hire Purchase (HP) representative example
Based on a cash price of €78,925 with a €27,624 deposit total, borrowing €51,301 at a representative APR of 7.50% and the following:
- 58 monthly payments of:
€1,019.46
- Final payment:
€1,094.46
- Cash price:
€78,925.00
- Customer deposit:
€27,623.75
- Total deposit:
€27,623.75
- Amount of credit:
€51,301.25
- Total amount payable:
€88,941.35
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.15%
- APR:
7.50%