Hire Purchase (HP) representative example
Based on a cash price of €9,950 with a €3,483 deposit total, borrowing €6,468 at a representative APR of 12.90% and the following:
- 47 monthly payments of:
€165.07
- Final payment:
€240.07
- Cash price:
€9,950.00
- Customer deposit:
€3,482.50
- Total deposit:
€3,482.50
- Amount of credit:
€6,467.50
- Total amount payable:
€11,720.93
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
11.20%
- APR:
12.90%