Hire Purchase (HP) representative example
Based on a cash price of €29,250 with a €10,238 deposit total, borrowing €19,013 at a representative APR of 8.50% and the following:
- 58 monthly payments of:
€385.05
- Final payment:
€460.05
- Cash price:
€29,250.00
- Customer deposit:
€10,237.50
- Total deposit:
€10,237.50
- Amount of credit:
€19,012.50
- Total amount payable:
€33,490.50
- Option to purchase fee:
€75.00
- Documentation fee:
€75.00
- Rate of interest:
7.95%
- APR:
8.50%