Hire Purchase (HP) representative example
Based on a cash price of €17,450 with a €6,108 deposit total, borrowing €11,343 at a representative APR of 9.00% and the following:
- 58 monthly payments of:
€231.07
- Final payment:
€306.07
- Cash price:
€17,450.00
- Customer deposit:
€6,107.50
- Total deposit:
€6,107.50
- Amount of credit:
€11,342.50
- Total amount payable:
€20,121.70
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
8.20%
- APR:
9.00%