Hire Purchase (HP) representative example
Based on a cash price of €35,500 with a €12,425 deposit total, borrowing €23,075 at a representative APR of 8.80% and the following:
- 58 monthly payments of:
€470.09
- Final payment:
€545.09
- Cash price:
€35,500.00
- Customer deposit:
€12,425.00
- Total deposit:
€12,425.00
- Amount of credit:
€23,075.00
- Total amount payable:
€40,780.40
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
8.20%
- APR:
8.80%