Hire Purchase (HP) representative example
Based on a cash price of €23,000 with a €8,050 deposit total, borrowing €14,950 at a representative APR of 7.80% and the following:
- 58 monthly payments of:
€297.09
- Final payment:
€372.09
- Cash price:
€23,000.00
- Customer deposit:
€8,050.00
- Total deposit:
€8,050.00
- Amount of credit:
€14,950.00
- Total amount payable:
€26,025.40
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.15%
- APR:
7.80%