Hire Purchase (HP) representative example
Based on a cash price of €30,250 with a €10,588 deposit total, borrowing €19,663 at a representative APR of 7.70% and the following:
- 58 monthly payments of:
€390.73
- Final payment:
€465.73
- Cash price:
€30,250.00
- Customer deposit:
€10,587.50
- Total deposit:
€10,587.50
- Amount of credit:
€19,662.50
- Total amount payable:
€34,181.30
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.15%
- APR:
7.70%